By ELLEN READ markets writer
The Stock Exchange will practise what it preaches next week by listing on its own market and announcing details of a $15 million capital raising.
The exchange plans to raise $10 million through a public offer and $5 million through a rights issue to existing shareholders.
The offer prospectus will be registered on Tuesday and the NZSE's existing shares will debut on the main board on Wednesday, a year and a day after chief executive Mark Weldon took the helm.
He is unable to comment ahead of the prospectus launch on either the offer or on what the exchange will use the extra capital for.
Before registration of the prospectus, a one-for-one share split will occur.
The prospectus will set out the application price for the rights issue and an indicative price range for the public offer, along with details of how the exchange can list before it meets the requirement of having 500 shareholders.
The NZSE issued 10,000 unpriced shares to each of its 330 members when it changed on December 31 from a mutual to a limited liability company.
These have been changing hands in private, off-market transactions for up to $7.50 a share.
Without details of the business plans and financial projections that will be in the prospectus, it is difficult to assign a likely listing value to the shares.
The allotment of shares under both the rights issue and the public offer will take place on July 10, 2003.
Up to half the shares in the public offer will be allocated through the broker network, with the remaining shares sold through a public pool. Some allocation will go to NZSE directors and employees.
NZSE ready to list itself
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