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First Chance To Invest On Newcastle Exchange
May 17 2004
First Chance To Invest On Newcastle Exchange
New Zealander’s have their first chance to invest directly in a company that will be listed on the Australian-based Newcastle Stock Exchange (NSX). Illuminator Investment Company (IIC) has registered a New Zealand prospectus and is looking for local interest in its investment fund.
IIC is raising up to AUS$15 million, predominantly from Australian investors, but has regulatory approval to become the first NSX listed company to actively seek investment by New Zealanders.
Steven Pritchard, Executive Chairman at IIC, believes the unique nature of the company and the exchange may appeal to New Zealand investors.
“In the last few years we have seen a lot of Australian and New Zealand companies cross-listing on exchanges on either side of the Tasman. The NSX is an exchange growing in reputation as a platform for small to medium size innovative enterprises and IIC hopes to benefit from this.
“Investors get all of the regulatory benefits of a publicly listed company without the same impact on fund performance of the higher compliance costs associated with listings on the main exchanges.
“IIC will be offering investors an investment philosophy which will look to invest in entities we believe are undervalued and offer good dividend yield. We will look to medium to long term investment predominantly in Australian companies, trusts and interest bearing securities that we believe have merit, uncorrelated to market movements and economic trends.”
The NSX has modelled itself on the AIM and TechMARK exchanges in the United Kingdom and caters for niche markets. It targets small to medium, innovative enterprises, looking to raise capital and transact on a market that is efficient, simple and user friendly.
IIC has produced a New Zealand prospectus in accordance with the Securities Act (Australian Issuers) Exemption Notice 2002, and this can be viewed at www.illuminator.com.au. Local contacts for the fund are Direct Broking Ltd (Auckland) and Gould Steel (Wellington).
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