Share trading alternative now live

Monday 15th December 2003

Share trading has begun on Unlisted, the new internet-based trading platform which is competing with the NZX.

The concept is to provide a "low-cost, transparent trading platform that enables small to medium sized New Zealand companies to trade their shares and gain greater exposure to potential investors," the company says in a statement.

Unlisted says it fills an important niche in New Zealand's capital markets and is complementary to the existing registered exchanges in New Zealand. For many issuers, participation in Unlisted may be the first step on the road to listing on a
registered exchange".

Spokesman Christopher Russell says: "because it increases transparency, Unlisted is good for professional investors and people who know a lot about the business or sector that they're looking at."

"It can be a high-risk market and we have made arrangements with brokers to ensure that investors are made aware of this when they are deciding whether to invest in companies quoted on Unlisted."

Russell said that there are currently three approved Unlisted Issuers, Skyline Enterprises Ltd, Bridgecorp Holding Ltd and Blue Sky Meats Ltd, with several more in the process of joining.

He says these companies are at the upper end of the size range Unlisted is targeting.

All trading on Unlisted will be through brokers. Shareholders will have a choice of brokers, with ABN-AMRO Craigs and Direct Broking Ltd already able to trade on Unlisted and more expected to follow.

Unlisted is a joint venture between M-co, the Marketplace Company, and a number of well-known figures in the New Zealand finance industry including Barry Thomas, Bevan Wallace and Garth Ireland. The day-to-day operation of Unlisted will be undertaken by M-co, which has successfully operated electronic trading and market information systems for the New Zealand electricity market since 1996.

Comments from our readers

No comments yet