- the listing of NZSE's existing head shares on the Main Board;
- a renounceable rights issue to all existing shareholders to subscribe for new shares under a rights issue ('Rights Issue'), together with listing of such rights; and
- an offering of new shares via an initial public offering ('IPO') to institutions and the public in New Zealand.
Prior to registration of the Prospectus, a 1:1 share split will occur, with a record date of Friday 30 May 2003. All existing shareholders will receive notification regarding the share split and the rights issue directly from the Registrar.
The application price under the rights issue will be determined before the offer is made and will be set out in the Prospectus. The application price of the shares offered in the IPO, will be set by the Directors during the offer period. An indicative price range will be set out in the Prospectus. Investors will apply for a dollar amount of shares at a price to be determined, subject to a minimum amount per application which will also be set out in the Prospectus. The final price will be set by the Directors and announced 10 business days before the close of the offer period and will be determined taking into account:
- trading data from the trading of NZSE's existing head shares since listing;
- trading data from the trading of rights since listing;
- pricing indications from institutional investors and firm allocation process;
- valuation advice provided to Directors from the lead manager and valuation advisers;
- overall demand profile for the shares; and
- any other factors the Directors consider relevant.
Briefings
NZSE will be holding full broker presentations in Auckland and Wellington on Wednesday 4 June, Christchurch and Dunedin on Thursday 5 June, and Napier and Tauranga the following week. There will also be a media conference in Auckland on Wednesday 4 June. Further information and details of timing will be sent out shortly.