NZX IPO Closes After Heavy Retail Interest

Monday 7th July 2003

New Zealand Exchange Limited (NZX) has announced that its IPO closed on Friday 4 July after much interest from New Zealand investors. The public issue was oversubscribed and all staff, Directors, NZX Firm, and Institutional allocations were fully taken up.

"We are delighted with the level of support the investing public of New Zealand has given NZX, particularly the number of first time investors who are showing an interest in the share market" said Mark Weldon, NZX CEO. "We see it as a clear sign of confidence in New Zealand's capital markets and in the management of NZX."

Given the success of the IPO and the number of applications made for shares, the NZX Board has decided to implement a balloting process to complete allotment. Full details of the subscription and allotment process will be made available on Wednesday 9 July. Letters of allocation, along with FASTER statements, will be posted to all new shareholders on Thursday 10 July. Letters will also be posted to all those who were unsuccessful in their application for NZX shares along with refund cheques.

The IPO shares, plus all shares allocated under the Rights Offer, will commence trading on Thursday 10 July under the ticker NZX. Applicants should not trade in the new shares until they have either received their share statement or have contacted their broker who will be able to advise whether they have been successful in their application.

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