Meanwhile, have a look at ATM - NZX's 4th largest market cap company, and consistently highest turnover on many days.
ATM NZX slavishly now follows the A2M ASX price movement (and volume) with stock being shunted across to ASX.
Matter of time before this company also move to ASX.
The new Board and CEO meanwhile are still running around in circles, looking at the wonderful legacy of plucked feathers left by wunderkid Weldon & Harmos.
Am i right balance to assume the board is made up of brokers? or ex brokers has been for years? there is a duopoly in broking? if xero is an insight into the future then the brokers will end up destroying there business in the longrun if everyone starts going asx
Am i right balance to assume the board is made up of brokers? or ex brokers has been for years? there is a duopoly in broking? if xero is an insight into the future then the brokers will end up destroying there business in the longrun if everyone starts going asx
Principally brokers or ex-brokers, and lawyers.
Bunch of self-interested and self congratulatory *ankers (refer Richard Bronson's description) ably supported by certain fund managers (Brian Gaynor of Milford comes to mind as one) as the NZX under Weldon and the sleeping Board systematically milked the industry participants dry.
The fact that NZX has underperformed the NZ50 index by 110% in the last 5 years since wunderkid Weldon left is testimony NOT to how wonderful he was at running the NZX but how successful he was at milking the NZX, and how the NZX was gutted of any management and operating depth and experience.
Proof : Disclosures at the Ralec/Clear Grain court case and the Media Works debacle.
Nothing illustrates the parallel world that Weldon and the Board under Harmos lived in than Andrew Harmos's praise of Weldon when he resigned - describing NZX as 'a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth'.
Poor old Tim Bennett was well and truly sucked in - he found that Harmos's 'thriving' to be actually 'diving' and the 'valuable' had already gone with the $$$ in share options exercised by Weldon, courtesy of the sleeping board of directors.
But recall how Tim was paid handsomely despite the NZX not performing?
yes nzx has been a total under performer during a stellar 10 yr period for the market in general - i always appreciate that good management and a good board usually lead to a good share price being the reflection of this.
i was hoping for a good strategy update but it looks like market is totally disappointed in it hence the very poor share price performance since.
lets hope the directors dont think they need a pay rise next year
They will reinvent the performance criteria as necessary to reward themselves (and the executives).
Shameless incompetent hypoocrites with no sense of honor or accountability.
This NZX outfit is actually not much different from the co op that ran things before the so called corporatism
Still 100 % self serving
Only thing that’s changed is the new profit centre that fines participants
The show might be broke without some of the truly entrepreneurial guys to slap a fine on from time to time.
This NZX outfit is actually not much different from the co op that ran things before the so called corporatism
Still 100 % self serving
Only thing that’s changed is the new profit centre that fines participants
The show might be broke without some of the truly entrepreneurial guys to slap a fine on from time to time.
The lack of any coherent strategy to lift the NZX under the intellectually deprived Board and CEO - that is where the NZX is at.
The lack of any coherent strategy to lift the NZX under the intellectually deprived Board and CEO - that is where the NZX is at.
Like many other Sharetrader contributors I'm disappointed by the inability of the NZX to grow and offer more investment investment options for investors. What alternative strategy options would you - and others - suggest?
The completely obvious way forward to grow NZX is to sell more listings because listings are what provides their main income, is their main reason to exist , and supposedly their area of expertise.
Apologies if this isnt very creative. but when I reviewed their accounts I concluded the other two income streams were very likely to remain negligible. And yet they have a pseudo monopoly on the NZ stock and debt markets so they should leverage that position and get company's listing.
I agree. peat. Now, how to do that? Lower fees? Less stringent listing criteria? A "fee free" initial trial period? Better marketing to prospective client campanies? Suggestions?
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