Somex second listing
An investor and business broker, Somex Corporation, Ltd, will become the second company to list on the New Zealand Stock Exchange’s fledgling second board market on Monday. Somex, which will specialise in trans-Tasman private company acquisitions, has issued 20 million ordinary shares of 50c at par and 10 .million free, transferable options on the basis of one option for every two shares subscribed. '
The issue was organised and underwritten by broking house Jordan bandman Smythe, Ltd, a 20 per cent shareholder in the issue. Consultants to the issue included Australasian Second Board Consultants, Ltd. New Zealand’s second board market opened in October following the success of second boardsrestablished by Australian stock exchanges and the Unlisted Securities Market in Britain. The second board enables listing of
smaller companies wtucn because of size or capital structure would not qualify for main board listing. It is of principal benefit to growth companies and entrepreneurs who need access to equity capital to develop their operations.
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Press, 21 February 1987, Page 25
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164Somex second listing Press, 21 February 1987, Page 25
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