Exciting times as Speirs Group Limited lists on the NZAX
November, 2004
Speirs Group Limited has listed on the high profile New Zealand Alternative Market (NZAX), under the Speirs Group banner.
The NZAX was launched by the New Zealand Exchange Limited (NZX) in November 2003, and is tailor-made to meet the needs of small and medium-sized companies. It has been described by the NZX as an “exciting market, specifically designed for fast-growing, developing companies….. and the engine for growing the entire New Zealand equities market”. We are confident that the extensive media coverage enjoyed by the NZAX will result in an increased awareness of Speirs in the finance market, raising our profile amongst clients and investors alike and enhancing our credibility as a financial institution.
So what does this mean for you, our clients? Well, you will benefit from the added security of being with a company which adheres to the NZAX’s rules and regulations. Clients can deal confidently with Speirs, knowing that we operate in an ethical and legal manner. You will also enjoy increased transparency and knowledge of our financial position. This means that you will have access to everything you need to know about our financial position on an annual basis, with an additional half yearly report to our shareholders.
Nelson Speirs, Executive Chairman of Speirs Group Limited says, “Speirs was previously listed on the Secondary Market, the predecessor of the NZAX, so we didn’t actually raise any capital as a result of this process. However, we believe the NZAX to be an excellent avenue for our shareholders to trade in Speirs shares and this was a key determinant in deciding to list on this particular market. Because we already had most of the systems required in place, it was a relatively easy process to achieve compliance and of course the NZX provided excellent guidance and assistance to us.”
Speirs shares have traded as high as $1.16, generally settling around the $0.92 mark. However, our latest financials, released (28 October 2004) were well received by the market and our shares are currently trading at $1.12 (as at 3 November 2004).
Want to know more about Speirs shares? Check out www.nzx.com/nzxmarket/nzax .
Speirs Perpetual Bonds
Speirs is also listed on the NZDX. This is the debt market operated by the NZX from where Speirs Bonds can be purchased. Speirs bonds are basically a long-term investment earning high interest and work in the same way as the shares. Log on to www.nzx.com/nzdx for more information.