Alternative market plans progress

By NZPA

Friday 11th October 2002

The New Zealand Stock Exchange said today that it continued to make progress on developing its alternative or "growth" exchange, tentatively labelled AX.

The proposed new market will merge the underperforming New Capital Market, the "unlisted" or secondary market, and encourage smaller companies listed on the main market to join it.

Geoff Brown, the exchange's relationship and markets manager, said a large number of submissions received from the industry and the majority had been "overwhelmingly positive" .

The new market would serve a much broader base of companies, seeking capital and listing opportunities, he said.

The exchange would now review all submissions it has received, and work with the Securities Commission, to develop a final market structure ."

The launch of the growth market is being planned for 2003.

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