The listing follows SFE’s change of company type from a mutual organisation owned by members to a corporate entity limited by shares on 11 September.
109 million SFE shares were issued to 366 eligible (former) SFE Members - Members are now either Participants and/or shareholders. The value of SFE listed on an exempt market was estimated by Grant Samuel and Associates, in an independent expert’s report published in SFE’s ‘Proposal to Demutualise Information Memorandum’, at between $130 million to $158 million.
The exempt market will operate pursuant to the ‘Rules of the Austock Market’ that will shortly be published on SFE’s website (www.sfe.com.au) under ‘Shareholder Information’. Trading in SFE shares will initially be restricted to one broker, Austock Brokers Pty Ltd. Regulatory approval is currently being sought to allow other brokers to submit orders on behalf of clients.
The Austock listing will complete SFE’s demutualisation process that began on 8 December 1999 when the SFE Board resolved to present an entitlements policy to its membership. SFE’s Members voted overwhelmingly in favour of demutualising at Scheme meetings on 22 July this year.
Since demutualising, SFE has strengthened its corporate governance with new Board appointments and announced an agreement to merge with Austraclear to create a centralised clearing house for the clearing of both cash and derivative debt products.
