Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

SFE Given Court Approval To Merge With Austraclear

The Supreme Court of New South Wales has approved the Scheme of Arrangement allowing for the merger of the Sydney Futures Exchange Limited (SFE) and Austraclear Limited (Austraclear).

The merger became effective yesterday, 18 December 2000. SFE will acquire all Austraclear shares, with 21,037,500 new SFE shares being issued to Austraclear shareholders at the rate of 2.55 SFE shares for each Austraclear share. This will enlarge SFE’s equity base by 19.3%, taking its issued capital to 130,157,552 million shares.

The combined SFE-Austraclear will lead to the establishment of a new clearing entity. A new Board for the clearing entity will also be appointed comprising:

Mr Robert Elstone – Chairman (SFE Managing Director and CEO)
Mr John Hall – Deputy Chairman (former CEO of Austraclear)
Mr Rick Holliday-Smith (Chairman of SFE)
Mr Ron Erdos (National Australia Bank)
Mr Jonathan Glass (JP Morgan)
Mr Phil Gray (independent director)
Mr Rick Martin (ANZ Investment Bank)
Mr Ian Payne (SFE director)
Mr Paul Robertson (Macquarie Bank)
Ms Anne Smart (Credit Suisse First Boston)
Mr Peter Warne (SFE director)

Until the new clearing entity is established, the above will become directors of both SFE Clearing House and Austraclear. In keeping with normal arrangements for wholly-owned subsidiaries, the main Board of SFE will make all appointments to the Board of the new clearing entity.

The Supreme Court decision follows an overwhelming vote in favour of the merger proposal by Austraclear shareholders at a Scheme Meeting on 11 December. The Australian Competition and Consumer Commission gave the proposal the all clear on 22 November.

The merger between SFE and Austraclear will create a centralised clearing and settlement service provider for derivatives, over-the-counter (OTC) debt and commodity products in both Australia and New Zealand. It is consistent with the direction of global clearing markets and the stated objectives of Government and market participants in Australia for the rationalisation of clearing service providers.

A merged SFE-Austraclear will be well placed to enhance operating efficiencies for its clearing and settlement customers and, over time, deliver new product and service initiatives.

For further information please contact:
Mr Matthew Gibbs
Manager, Media and Corporate Relations
Sydney Futures Exchange Limited
Work: +61 2 9256 0494 / Mobile: 0411 121219

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark… More>>

ALSO:

Cut Before Using: Australian Strawberries Withdrawn

Needles were found in a punnet of strawberries sourced from Western Australia, which was bought in a Countdown supermarket in Auckland. The Choice brand of strawberries was sold nationwide last week. More>>

ALSO:

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>