NZX is pleased to welcome G3 Group Limited as the first company to list on NXT, a new NZX market designed for small and mid-sized businesses. The listing, which will take place at 11.00am today, also marks the official launch of NXT.
NZX CEO Tim Bennett commented: “Today’s launch is a key milestone in the development of New Zealand’s capital markets, representing many years of work and consultation with the industry.”
“The NXT market will provide capital to the next wave of New Zealand businesses, and for investors, the opportunity to gain exposure to these businesses via a liquid, robust marketplace.”
“We would like to extend our thanks to everyone in the market who has provided valuable input and advice to help us launch this new, innovative market for New Zealand businesses.”
Today also marks the release of G3 Group Limited's first independent research report from Edison Investment Research, the independent research provider for the NXT market. The initiation research note will be available to the public free to download from this morning from the NXT website www.nxt.co.nz and investors can expect updated research after the interim and annual results announcements.
A new regulatory regime in New Zealand, led by the introduction of the Financial Markets Conduct Act, has provided the flexibility to develop new markets for different types of companies and groups of investors.
New Zealand businesses now have a broader range of capital raising options to choose from, depending on their size and scale. NXT is different to other markets and positions itself as a ‘stepping stone’ market to the NZX Main Board.
Key features of NXT:
• A market aimed at small to mid-sized businesses with an expected market cap of $10-100 million
• Reduced costs and complexity, both during the listing process and ongoing
• More support for companies listed on the market
• A streamlined regulatory environment, with a set of simpler, template-based rules and procedures
• The presence of market making and research to aid liquidity
• Better information on companies for investors through quarterly updates, research coverage and key operating milestones
• Provides fundamental investor protections required by any public market: a clear disclosure regime, along with surveillance and enforcement of insider trading and market manipulation
• More information at www.nxt.co.nz
