ASX Perpetual Registrars Limited (ASX Perpetual) today announced that it has entered into a joint venture arrangement with New Zealand Exchange Limited (NZX) to offer full service registry and employee share plan administration services to the New Zealand market. ASX Perpetual and NZX each have a 50% stake in newly created Link Market Services Limited (Link), which is set to open its doors in Auckland early in the New Year.
“Our plans to enter the New Zealand market coincided with those of NZX to enter the registry management space,” said John McMurtrie, Managing Director, ASX Perpetual. “It made sense to join forces to deliver a premium offering to New Zealand issuers and seamless service to dual-listed entities and their investors.”
“This is an important move for ASX Perpetual and we hope to be able to inject our successful formula – a competitive premium services offering – into the New Zealand market,” added McMurtrie.
NZX announced its intention to assess the feasibility of competing in the local registry market back in February, because according to NZX CEO Mark Weldon: “We saw an opportunity for a genuinely competitive alternative to the existing registry structure in the New Zealand market that will benefit listed companies both domestically and offshore.
“A joint venture made perfect sense. We liked the idea of partnering with ASX Perpetual because they have a proven share registry system that we saw could deliver a first for the Australasian market – a single, trans-Tasman technology platform that is better than anything currently available,” added Weldon.
The establishment of Link will coincide with the joint venture’s acquisition of BK Registries
Limited (BK Registries). Currently delivering high quality services to more than 100 clients from its base in Ashburton on the south island, BK Registries will provide operational support to its new owners headquartered in Auckland.
ASX Perpetual has enjoyed a significant increase in market share over recent years, especially among Australia’s iconic corporations with blue chip wins that include Qantas Airways, Brambles Industries, Multiplex, Westpac, BlueScope Steel, John Fairfax Holdings, WMC Resources, and most recently, Coles Myer. Last week. ASX Perpetual announced that it has been reappointed by Telstra Corporation (Telstra). With 1.7 million holders, Telstra’s is the largest register in Australasia.
Note to Editors
ASX Perpetual Registrars Limited (ASX Perpetual) is a joint venture between two of Australia’s top 100 listed companies – the Australian Stock Exchange Limited (ASX) and Perpetual Trustees Australia Limited (Perpetual) – with registry origins dating back more than half a century.
With a combined market capitalisation of more than $4 billion, its stakeholders provide it with the financial support required to be Australia’s leading registry services provider.
NZX operates New Zealand’s sole registered securities exchange. Utilising its proprietary FASTER technology, NZX facilitates fully electronic trading, clearing and settlements across its three principal markets, the NZSX – Stock Market, the NZDX – Debt Market, and the 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 securities 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 securities 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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