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Unlisted – commonsense prevails

1 August 2005

Unlisted – commonsense prevails

Unlisted, the internet-based securities trading facility, is here to stay after the Minister of Commerce, Hon Pete Hodgson, announced today that it was not the government’s intention to require Unlisted to be subject to Section 36B (of the Securities Markets Act 1988).

Unlisted Chairman, Bevan Wallace, welcomed the government’s announcement.

“Today’s decision reinforces Unlisted’s positive contribution to New Zealand business. We are delighted the government agrees that Unlisted has a legitimate position within New Zealand’s broader capital markets. Its decision gives certainty to our issuer companies and their shareholders, and to potential issuers and other capital market participants. It will enable Unlisted to continue to provide a cost-effective and transparent trading and price discovery mechanism for small and medium sized enterprises, to the benefit of issuers and investors alike.”

Unlisted Manager, Bruce Cossill, welcomed the opportunity to get back to business-as-usual.

“This is great news for Unlisted, its users and supporters, and especially for companies that have been considering joining us. Any uncertainty regarding the future of Unlisted has been removed and we can all move forward. The Minister’s decision means we can approach the future with confidence, and can look at introducing additional product features for our customers.

“The Minister did note as one of his main concerns the possibility for investor confusion between registered and unregistered trading facilities. Unlisted has in place a number of protocols designed to avoid investor confusion. Apart from prominent website notices, investors must sign a disclaimer acknowledging Unlisted’s unregistered status and what that means, before conducting trades through their brokers. But I’m willing to work more closely with officials if the Minister considers such measures need fine-tuning.

Mr Cossill said “Unlisted adds depth and liquidity to New Zealand’s capital markets and provides a cost-effective and transparent alternative to over the counter securities trading that most small and medium sized company’s currently use. There is clearly a place for a professionally operated unregistered trading facility in New Zealand’s capital markets, for which Unlisted has set, and will continue to set, the standard.”

ENDS

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