NZX Accredits Nine Additional Sponsors For NZAX Market

New Zealand Exchange Limited (NZX) is delighted to announce today that, subject to the Ministerial approval of the NZAX Listing rules, an additional nine NZX Sponsors have been accredited to support the opening of the NZAX Market in November. Bancorp New Zealand Limited, Chapman Tripp, Clavell Capital, Duncan Cotterill, First NZ Capital Securities, Grant Samuel and Associates Limited, ISAMBARD Limited, Jones Young, and Lowndes Jordan.

"The NZX Sponsor role was designed to provide a wider range of organisations to assist companies to market and we're delighted to see this reflected in the number and range of Sponsors approved to date," said Geoff Brown, NZX Markets Development Manager. NZX set up the Sponsor role in recognition of the strong and long-standing relationships many companies have with professional services advisors outside of the traditional IPO process. Trained professionals, such as banks, brokers, accountants, and lawyers are natural partners for smaller firms moving from private company to NZX Listed status and it is expected that they will play a critical role in feeding more companies to the new NZAX Market in the future.

An NZX Sponsor's role is to:

• Advise companies on their requirements for becoming an NZX Listed Issuer on the NZAX Market;
• Liaise with NZX on behalf of the applicant;
• Apply to NZX for listing on behalf of the applicant, and ensure if capital is being raised, successful allocation of securities to investors; and
• Advise NZAX companies on their obligations once listed.

NZX expects to open the NZAX Market for trading on Friday 14 November 2003.