Monday 29th September 2003
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"We're thrilled with the response we've had from the professional services and investment banking communities with regard to being NZX Sponsors," NZX markets development manager Geoff Brown says. "We aimed to have 10 Sponsors in the first year, so we're well ahead of that goal and see this as a real sign of confidence in the structure of the new market and its ability to succeed."
NZX set up the sponsor role in recognition of the strong and long-standing relationships many companies have with professional services advisors outside of the traditional IPO process. Trained professionals, such as banks, brokers, accountants, and lawyers are natural partners for smaller firms moving from private company to NZX Listed status and it is expected that they will play a critical role in feeding more companies to the new NZAX Market in future. NZX Sponsors are accredited to bring companies to the NZAX market only.
"KPMG Corporate Finance is very excited to be one of the first NZX Sponsors," KPMG Corporate Finance associate director Adrian Dewey says.
"The arrival of the NZAX Market broadens the range of financing options available to small and medium sized companies, a sector that is core to KPMG Corporate Finance's client base."
"The new market will also allow investors informed access to such companies, which can only be beneficial to the economy as a whole," he said.
An NZX Sponsor's role is to:
Advise companies on their requirements for achieving an NZX Listing on the NZAX Market;
Liaise with NZX on behalf of the applicant;
Apply to NZX for listing on behalf of the applicant, and ensure if capital is being raised, successful allocation of securities to investors; and
Advise NZAX companies on their obligations once listed.
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