NZX - NZ Exchange

[Balance]

NBR today (firewalled unfortunately) : "Mark Weldon letter said NZX committed to spend $100m on agri-Bloomberg
Thu 19 May Former NZX chief executive Mark Weldon wrote a letter in 2009 saying that NZX’s board was committed to both his agri-Bloomberg strategy and to spending $100 million on it."

Not looking good for Mr 'my way or the highway' Weldon? And the Board of Directors not looking good either after defending him vigorously.

[Balance]

"NZX has also abandoned its claim that misrepresentations about Clear's technology contributed to its loss."

Oh oh - NZX on the back foot so far. Looking like the Board were sleeping right through the whole Clear Grain saga.

[Lola]

"NZX has also abandoned its claim that misrepresentations about Clear's technology contributed to its loss."

Oh oh - NZX on the back foot so far. Looking like the Board were sleeping right through the whole Clear Grain saga.

Jenny Ruths NBR article on part of todays proceedings refers to Mr Weldon saying most of his senior mangers didnt have any job descriptions. What sort of governance is that? Sorry this wouldnt rank even just for a nomination in a Change Manager of The Year Award Ceremony. Tends to support the above Board taking a nap theory.

[Balance]

http://www.nbr.co.nz/article/weldon-...comment-719218

Looks like NZX and Mr Weldon weren't able to gag all the ex employees - what a shambles of an exchange where one man held roost and bullied staff into accepting his word was law and he knew what he was doing.

http://m.nzherald.co.nz/business/new...ectid=11652266

And what was he doing? Running a monopoly like NZ rail used to run its business during the 1960s. Mr Weldon sure knew how to maximize his share options! No wonder the sp has done nothing with the monopoly price gouging a thing in the past.

[Hectorplains]

http://www.nzherald.co.nz/business/n...ectid=11662130

What a sorry state of affairs. NZX reduced to pleas for a sense of nationalism to reinvigorate their bourse...

[Balance]

http://www.nzherald.co.nz/business/n...ectid=11662130

What a sorry state of affairs. NZX reduced to pleas for a sense of nationalism to reinvigorate their bourse...

NZX ain't no All Blacks - more like the NZ Olympic swimming team against the Aussies.

NZX is a pathetic, grubby, greedy and fading exchange.

NZX squandered the opportunity to build up a strong listing platform post demutualisation by putting profit above everything else - overcharging all market participants to feather the nests of the CEO and the vested interests of some shareholders.

And it had a Board of Directors asleep and with the vision of a bat in sunlight, now the Ralec and NZX court case is illuminating for all to see.

[BIRMANBOY]

Personally I am glad we have the NZX. They play a very important part in helping bring new investment into existing companies and also allow upcoming business a track into growth. I would say many of the new entities that get IPO here in NZ would never see the light of day in Australia. Better to see the local money go into local entities. There's good money to be made with the NZX and with a smaller boutique exchange its easier to understand and feel a part of. I don't know the details of the legal issues that its involved in so cannot comment on that aspect but the people who I have met who work there impressed with their knowledge and professionalism. Its easy to put the boot in but always important to have a full 360 degree view of the situation before slagging off willy-nilly. All business's and people make mistakes and how you deal with those situations says more about the entity. Inheriting problems is very common especially when a particular strategy or CEO goes off target. That's why teams of lawyers get paid on both sides of an issue. However the MOST important thing here is recognizing the importance of having The Exchange here and involving and employing locals in many cases. Nothing is perfect but Tim is right..we should get in and support it.

[skid]

Personally I am glad we have the NZX. They play a very important part in helping bring new investment into existing companies and also allow upcoming business a track into growth. I would say many of the new entities that get IPO here in NZ would never see the light of day in Australia. Better to see the local money go into local entities. There's good money to be made with the NZX and with a smaller boutique exchange its easier to understand and feel a part of. I don't know the details of the legal issues that its involved in so cannot comment on that aspect but the people who I have met who work there impressed with their knowledge and professionalism. Its easy to put the boot in but always important to have a full 360 degree view of the situation before slagging off willy-nilly. All business's and people make mistakes and how you deal with those situations says more about the entity. Inheriting problems is very common especially when a particular strategy or CEO goes off target. That's why teams of lawyers get paid on both sides of an issue. However the MOST important thing here is recognizing the importance of having The Exchange here and involving and employing locals in many cases. Nothing is perfect but Tim is right..we should get in and support it.

Looks like Tim has had a few to many pork pies what i take away from that article is that if you want companies to stay here(or list here) you have to make it easier to do so,especially since there are obvious advantages to a larger market--there has got to be some incentive...Its a bit like saying to Xero or PEB..''stay here..dont aim for the USA market''---business is not sports--you are only going to get so far with the national pride drawcard----They need to get their own house in order.imo

[Balance]

Personally I am glad we have the NZX. They play a very important part in helping bring new investment into existing companies and also allow upcoming business a track into growth. I would say many of the new entities that get IPO here in NZ would never see the light of day in Australia. Better to see the local money go into local entities. There's good money to be made with the NZX and with a smaller boutique exchange its easier to understand and feel a part of. I don't know the details of the legal issues that its involved in so cannot comment on that aspect but the people who I have met who work there impressed with their knowledge and professionalism. Its easy to put the boot in but always important to have a full 360 degree view of the situation before slagging off willy-nilly. All business's and people make mistakes and how you deal with those situations says more about the entity. Inheriting problems is very common especially when a particular strategy or CEO goes off target. That's why teams of lawyers get paid on both sides of an issue. However the MOST important thing here is recognizing the importance of having The Exchange here and involving and employing locals in many cases. Nothing is perfect but Tim is right..we should get in and support it.

You are of course sprouting Mother Earth and Motherhood sentiments.

Who would not want a NZX or ASX? Just as who would not want a police force or a national health service?

But would we want a police force which uses thuggery to extort the general population to provide essential services principally for the benefit of its officials and staff? Or a national health service with a primary focus on making money for its executives and Board?

If Tim is really serious about his 'patriotic' call to arms, let him and the NZX show that the NZX itself is patriotic and start putting NZ Inc and NZ first, and profits second. Start by reducing charges and increase services to market participants and investors.

Otherwise, Tim and the Board of the NZX are but hypocrites - appealing to patriotism, which as was famously observed 'is the last refuge for scoundrels'.

PS. The Ralec - NZX court case is a very very revealing and disturbing commentary on why the NZX has gone backwards while other exchanges have gone forward.

The case serves to confirm what NZX critics and observers have stated for a long time - that the NZX was (and still is) a one trick monopolistic pony ra/run by vested short term self-interests with no checks and balances. Focus of the NZX was/is on maximising profits by relentlessly increasing its charges while providing minimal services. Staff were treated as dispensable units to be discarded and changed (with all the flow on implications of gross mismanagement) while the CEO and its Board feasted on the monopoly profits.

Has the NZX changed its way under Tim? Look at the NXT market and how NZX attempted to bully companies listed in the NZAX with horrendous increase in charges to force them to relist in the NXT or NZX.

Like the previous CEO, Tim backed down only after the companies threatened in turn to take the NZX to the Commerce Commission.

[Balance]

https://www.nzx.com/companies/NZX/announcements/287329

Going nowhere.