NZXFM's MOZY Fund Set To List Next Week

NZX Funds Management Limited (NZXFM) is pleased to announce that the first of the new Smartshares funds, the NZX Australian MidCap Index Fund (MOZY), closed its initial public offering on Friday 17 September raising $33.2 million.

“We're very pleased with the response we got to the MOZY IPO from both the broking community and the general public and we believe this is a solid start from which to grow the fund in future,” said Geoff Brown, NZX Markets Development Manager.

“With the Australia New Zealand exchange rate at its highest levels since 1995, it's an ideal time to take advantage of the opportunities for New Zealanders to invest in the Australian market and we designed the MOZY as an easy and cost effective way to do this.”

The MOZY is an exchange traded fund (ETF) that tracks the S&P/ASX MidCap 50 Index (Index). In the 12 months to 30 June 2004, this Index gained 25.6 per cent.

The MOZY is the first of the new Smartshares range of ETFs to be launched by NZXFM and gives New Zealand investors the chance to diversify their portfolios into 50 different medium-sized Australian companies with one trade.

All funds have now been invested in the underlying securities in the Index with the issue price set at $3.6781 per unit (being the NZ dollar equivalent of 1/1000 th of the S&P/ASX MidCap 50 Index on 21 September 2004 ).

The timetable of the MOZY has been moved forward. The allotment date is now the 24 th September 2004 and MOZY will begin trading on the NZSX Market from 10am on Monday 27 September 2004 under the ticker code ‘MZY'. Following listing MOZY will be traded on the secondary market through all NZX Firms.