NZX Sponsor Role Reinforces Entrepreneurial Focus

NZX Sponsor Role Reinforces Ernst & Young’s Entrepreneurial Focus

Ernst & Young Corporate Finance, part of the Ernst & Young professional services group, has become the 10th sponsor of New Zealand Exchange Limited’s (NZX) NZAX Market due to open in November.

Representing an alternative listing mechanism for New Zealand companies, the NZAX market provides new avenues of opportunity for emerging, entrepreneurial-driven businesses says Jim McElwain, Director, Ernst & Young Corporate Finance.

“Our support for this exciting initiative is in complete harmony with the focus we have on providing business energy and insight into helping New Zealand businesses grow. Ernst & Young has an established Entrepreneurial Services division employing 200 staff dedicated to providing solutions for growing New Zealand businesses. This coupled with our global Ernst & Young Entrepreneur of the Year Award has ‘plugged us into’ the requirements of businesses that are seeking new avenues for growth.

“In particular, we see NZAX as providing a viable listing alternative for many of the entrepreneurial enterprises we work with. This brings with it significant benefits to many of our clients who, in the past, may not have considered a listing on the New Zealand Stock Market. It is one of our core principles to seek exceptional and innovative solutions for businesses that we represent, and we believe the NZAX Market offers this by providing a lower-cost listing environment without compromising issues of investor integrity,” he said.

As an NZX Sponsor, says Jim McElwain, Ernst & Young’s role will be to advise companies on their requirements for achieving a listing on the NZAX Market, liaise with NZX on behalf of the application, and advise companies on their obligations once listed.

NZX Markets Development Manager Geoff Brown believes Ernst & Young will become a significant contributor to the growth of the new Market.

“Ernst & Young is one of New Zealand’s largest and most well regarded professional services firms, and they act on behalf of a broad range of New Zealand businesses, who are all well suited to the flexibility the NZAX Market offers for small-medium companies,” he said.

Geoff Brown says NZX expects to open the NZAX Market for trading, on Friday 14 November 2003, with an initial First 15 companies listed.

ENDS

About Ernst & Young

Ernst & Young, a global leader in professional services employs 106,000 people in more than 140 countries. Ernst & Young staff pursue the highest levels of integrity, quality, and professionalism to provide clients with solutions based on financial, transactional, and risk-management knowledge in Ernst &Young's core services of audit, tax, and corporate finance.

Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/nz.

Ernst & Young refers to all the members of the global Ernst & Young organisation.

About New Zealand Exchange Limited (NZX)

NZX operates New Zealand’s sole registered national stock exchange. Utilising its proprietary FASTER technology, NZX facilitates fully electronic trading, clearing and settlements across its three principle markets, the NZSX – Stock Market, the NZDX – Debt Market, and the soon to be launched NZAX – Alternative Market. In addition, NZX offers a comprehensive suite of data products, indices and funds, and is responsible for the ongoing surveillance and regulation of New Zealand’s capital markets.

By providing a ready market for capital raising and business growth, NZX is at the forefront of business in New Zealand. At both the Board and management levels, NZX is committed to developing and ensuring the integrity and international competitiveness of New Zealand’s capital markets. NZX demutualised in October 2002 and became a publicly listed company on 4 June 2003. For more information, visit www.nzx.com.

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