NZX and ASX Perpetual each have a 50 per cent stake in newly created Link Market Services Limited (Link). The parties also announced today that Link will acquire BK Registries Limited (BK Registries).
“Since our announcement last February regarding our interest in this space, we have worked hard to identify the right entry opportunity. The JV with ASX Perpetual and subsequent acquisition of BK Registries gives us an immediate presence and ability to compete vigorously across all segments of the market,” said NZX CEO Mark Weldon.
“We chose ASX Perpetual because they have a leading edge share registry system that we saw could deliver a first for the Australasian market – a single, trans-Tasman technology platform that is better than anything currently available,” said Weldon.
“NZX's plans coincided with our own so it made sense to join forces,” said John McMurtrie, Managing Director, ASX Perpetual. “Link will not only deliver a premium level of service to New Zealand issuers, it will also deliver a seamless service to dual-listed entities such as Telstra Corporation.”
The establishment of Link will coincide with the joint venture's acquisition of New Zealand 's second largest registry business, BK Registries. Over 100 clients, and 10-15 percent of New Zealand shareholders, are served by BK Registries from its base in Ashburton. BK Registries will maintain these relationships and provide operational support to its new owners headquartered in Auckland.
Link is set to open its doors in Auckland early in the New Year.
Mark Weldon said the presence of Link will increase competition in the registry industry and ultimately benefit all listed companies.
“It demonstrates our faith in the future of the New Zealand markets and their growth, and we want to be part of that,” said Weldon.
