NewConnect – WSE Equity Market – is
the official name of the WSE alternative trading system. Mr Ludwik Sobolewski,
WSE CEO, jointly with Mr Marcin Gomo?a, Polish Financial Supervision Authority
Vice-Chairperson, have presented the logo as well as the name of this new
trading platform during a special press conference held at the WSE on May
23. Apart from numerous journalists, the event was attended by individuals
involved in building NewConnect – the new trading platform for growth
enterprises.
- ‘NewConnect is part of WSE strategy
aimed at building a regional centre of equity trading. Our strategy is
being implemented, as the creation of NewConnect shows.’ – Mr Sobolewski
said in his speech. – ‘I would like to add that our endeavours are also
being noted and covered by media in the CEE region’.
Mr Sobolewski expressed his appreciation
to the Polish Financial Supervision Authority (KNF) for approving the NewConnect
Rules and Regulations. He also thanked the KNF employees engaged in the
project, for their commitment.
In his speech, KNF Vice-Chairperson, Mr
Marcin Gomo?a, stressed the importance of NewConnect in the development
of Polish equity markets. He wished all the best of luck to the WSE, the
companies and investors.
On May 22, the KNF univocally accepted the
NewConnect Rules and Regulations. – ‘I hope that this alternative
trading system will facilitate access to capital for SMEs with short history
of operations’ –
Mr Stanislaw Kluza, Polish Financial Supervision
Authority Chairperson, said following yesterday’s KNF meeting.
- Thanks to NewConnect, innovative enterprises
will have the possibility to finance their projects. The alternative trading
system is complementing our offer directed to SMEs.’ – Mr Sobolewski
pointed.
The NewConnect market will be operated by
WSE and will have fewer requirements for listed companies than the regulated
market. NewConnect will offer less expensive listing and less restrictive
reporting obligations.
NewConnect will help finance the evolution
of small companies with good prospects for growth, and a short history
thus not meeting the listing requirements of the main WSE market. The issuers
on NewConnect will most likely be companies with PLN 20M capitalization
and offering between a couple hundred thousand to several million PLN in
IPO. – ‘We expect to see around 3 companies at the start of NewConnect,
and 10 toward the end of the year’ – said Mr Sobolewski during the
conference.
Among NewConnect investors, the WSE will
see Venture Capital and Private Equity funds as well as specialized closed-end
and asset management funds. We will also attract individuals with substantial
financial resources and risk tolerance.
Trading on NewConnect will take place Monday
to Friday from 10.00 to 14.00, on the WSE WARSET trading system. The quotation
system will be either order or price driven. In the latter case, a market
maker will be involved. The following instruments may be quoted: shares,
pre-emptive rights, rights issues and depository receipts.
The English-language version of the NewConnect
web site, offering extensive information about the new market, will be
launched in July 2007.
FTSE Mondo Visione Exchanges Index:
NewConnect – WSE Equity Market
Date 23/05/2007