APRL has been established by ASX and Perpetual with the aim of becoming the leading provider of registry and related services, initially for listed securities in the Australian market. In addition to incorporating and building on the traditional business of Perpetual Registrars, APRL plans to grow that business and extend its services to existing and new markets including international markets.
Both companies believe that the combination of Perpetual's expertise in the registry services industry and ASX's financial systems and technology skills, position APRL well to provide improved services to customers. The development of an innovative, leading-edge processing system will be the initial focus for the joint venture and an important aspect in providing enhanced customer services.
Mr Graham Bradley, Managing Director of Perpetual, said that by providing further service improvements and more cost effective services to issuers and shareholders, the joint venture will bring increased competition to the registry market and greater choice for customers.
"The market is in a phase of rapid global development and we see terrific opportunities in this environment for a provider with a next generation processing system," he added.
Mr Richard Humphry, Managing Director of ASX, said: "We believe that there is significant scope for APRL, on the platform of a new processing system, to better serve listed entities, intermediaries and investors in the increasingly demanding world of e-commerce, broadening share ownership and growing investment complexity.
"By joining Perpetual and ASX, we have created a substantial knowledge and technical base. This gives APRL the ability to fast track initiatives in e-commerce, improvements in customer services, new internet based information services, and the investigation of international markets," he said.
The joint venture is in line with ASX's strategy of adding complementary products and services for its customers across the investment spectrum as well as fitting well with Perpetual's plans to expand its registry operations.
Key features of the joint venture: Each party has a half interest in the entity, known as ASX Perpetual Registrars Limited (APRL); The entity is ungeared initially and ASX has invested $50 million to subscribe for its interest in the venture; APRL has a four member board, comprising two representatives from each company. Both Graham Bradley and Richard Humphry are members of the board. The other directors are Richard Atkinson from Perpetual and Chris Hamilton from ASX. Chairmanship will rotate between ASX and Perpetual, each 12 months. Mr Bradley has been appointed Chairman for the first period; and Richard Atkinson, current Group Executive of Perpetual Registrars Limited, is the chief executive of APRL.
