The New Zealand Stock Exchange has confirmed plans to develop a new alternative investment market for growth companies, tentatively dubbed AX.
The Exchange says it has received a large number of positive submissions in response to proposals circulated in late August to develop the new market.
Geoff Brown, NZSE relationship and markets manager says: "Submissions received from the industry to date have been overwhelmingly positive and demonstrate that the development of this market will serve a much broader base of New Zealand companies, seeking capital and listing opportunities."
He says the Exchange will work with the Securities Commission to develop a final market structure and enter into discussions with companies that are currently listed on the NCM and the Unlisted Securities Facility as well as smaller companies listed on the Main Market.
The proposed timing for the launch of the new market is being planned for 2003.