NZSE fires retort at Bridgecorp decision

Friday 22nd June 2001

By Deborah Hill Cone

The Stock Exchange has defended its handling of two listing applications by niche financier Bridgecorp - although the company yesterday maintained it was rebuffed without reasons.

NBR understands a confidential document commissioned by an independent consultant was central to the considerations of the NZSE in the later listing bid in February 2000.

The Stock Exchange would not discuss that so-called report although Stock Exchange chairman Simon Allen said he could confirm "documents" were supplied by finance company Bridgecorp during the process of application and that correspondence was exchanged.

He could not comment on the nature or details of the documents which he said were kept confidential at the request of Bridgecorp.

Mr Petricevic earlier supplied to NBR a letter backing up his claim that he had not been given reasons for being turned down - but the information applied only to the company's first application.

The letter from June 1999 sent to Stuart Wilson at DF Mainland Securities, the organising broker used by Bridgecorp, said the NZSE board had declined the company's application.

"Consistently [sic] with Rule 5.3.1 of the Listing Rules, the exchange does not propose to give reasons for its decision," NZSE legal officer Tanya Irving wrote.

Mr Allen said the rules governing listing were for sounds reasons such as investor protection and the need to set standards.

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