NZX - NZ Exchange

[nosolution]

If it's gonna keep on doing this Anna Naum is gonna have to change the name of the thread

Right? This has definitely been the performer in my portfolio as of late. I have to say I'm not 100% sure why. But I'm not complaining.

[Jim]

I don't know why punters are selling it last year and NZX was buying it back big time at around $1.4+ a share. Luckily I picked up some for that price and I intend to sit on it and collect the dividend. Good yield and growth stock I think

[nosolution]

What do you guys think about this? Immidiate trend seems to be turning. Obviously long term trend still says up but... activity has definitely changed.

[nosolution]

CEO sold 2 million shares today. Probably not a good sign. Apparently he sold 2 mil, bought $800k worth (looks like options so who knows at what price?) and used the rest to buy a property.

[winner69]

CEO sold 2 million shares today. Probably not a good sign. Apparently he sold 2 mil, bought $800k worth (looks like options so who knows at what price?) and used the rest to buy a property.

... and just a week after a real rave at the AGM about how great the company was ..... whatever the timing was never going to be brillant

Anyway Mr Weldon ... you have done well over the past few years ... well done

[Balance]

... and just a week after a real rave at the AGM about how great the company was ..... whatever the timing was never going to be brillant

Anyway Mr Weldon ... you have done well over the past few years ... well done

He has done an outstanding job - of enriching himself whilst stuffing up NZ's capital markets and being a hypocrite when it comes to upholding the highest standards expected from being the market operator and regulator.

Is the FMA investigating this glaring failure to disclose material information to the market before Mr Weldon sold the 2m shares?

Clear founder's 'unpleasant' tactics: NZX
PAUL MCBETH Last updated 12:02 08/07/2011

Stock exchange operator NZX has hit out at Grant Thomas's lawyer, accusing him of "unpleasant" tactics after details of a lawsuit over the Clear grain exchange were leaked to the media.

NZX stock dropped 4 per cent to $2.40 today after BusinessDay and the National Business Review reported that Thomas, who co-founded the Melbourne-based grain exchange before selling to NZX and becoming an employee, may seek as much as $17 million in earn-outs from the soured contract.

A lawsuit from Thomas would come after NZX filed its own action in the High Court this week over its A$6.4 million purchase of the Clear grain exchange in 2009, claiming "breach of warranty and related claims."

That suit named Thomas, grain exchange co-founder Dominic Pym and their companies Ralec Commodities Pty and Ralec Interactive Pty.

NZX said in an unattributed statement that Thomas's lawyer, Rob McGirr, had made "exaggerated and inaccurate" statements and suggestions of $17 million of earn-outs were "irresponsible".

BusinessDay said NZX was ordered to pay Thomas A$259,705 by a Melbourne court six weeks ago that was due under a settlement deal made last year.

"NZX is fully confident it has discharged its obligations appropriately and reasonably, and is not swayed by tactics of this nature - unpleasant though they may be," the company said in a statement.

"The earn-out targets for the Clear business were ambitious, which is why NZX agreed to these being classified as earn-outs, rather than to augment the original purchase price."

"I have nothing to add at this stage as we go through our various internal processes," NZX chairman Andrew Harmos told BusinessDesk in an email.

The media reports cast doubt on the foray into Australian grain. NZX chief executive Mark Weldon is quoted telling the Melbourne court in May that Clear was showing "a substantial economic loss."

BusinessDay said it may need to writedown the value of the asset, eroding first-half profit.

That was despite NZX referring to Clear in its annual report in March as "demonstrating real momentum," the report said.

NZX agreed to pay interests associated with Thomas and his partner Pym A$7 million in earn-outs if the Clear exchange hit certain targets, though these weren't met, Fairfax reported.

NZX said the grain tonnage has been growing season on season, but was "not sufficient to meet the earn-out targets agreed in connection with the Clear transaction."


The grain exchange was set up to take advantage of the break-up of the Australian Wheat Board monopoly, and was looking to capture a slice of the A$100 million to A$150 million growers spent annually on commissions to sell their products.

Grain trading was expected to add another suite to NZX's agricultural products, and came as it was in the process of setting up its dairy futures trading.

At the time of the sale, NZX said the grain exchange had registered more than 1,100 grain growers, 100 brokers and 200 buyers and bulk handlers across Australia are registered, and was set to link with a further 13,000 growers registered with GrainCorp, that country's largest grain bulk handler.

[CJ]

That was despite NZX referring to Clear in its annual report in March as "demonstrating real momentum," the report said.

Did he give any indication of what direction that real momentum was? You were just assuming it was up.

Continuous dislosure is a hard call but he definately should have sold while that wasn't disclosed.

Anyone here going to put in a complaint? (I am not a holder)

[Balance]

Did he give any indication of what direction that real momentum was? You were just assuming it was up.

Continuous dislosure is a hard call but he definately should have sold while that wasn't disclosed.

Anyone here going to put in a complaint? (I am not a holder)

Up of course. Have you ever seen Mark Weldon allowing himself to be tainted with anything negative?

Why do you think NZX has such high turnover of staff? CFOs especially?

What is very disturbing is that the law suit was filed in May - so NZX and Mark Weldon were fully aware in Jnne when Weldon sold his shares that :

1. Grain was not doing well and NZX was taking a law suit against the ex-directors.

2. No attempt was made to correct the 'real momentum ..." comment from the Annual Report.

3. It took the Australians to disclose the information to the public before NZX even remotely thought of informing the market.

4. This statement speaks volume about the butt-covering that is already going on in NZX : ""I have nothing to add at this stage as we go through our various internal processes," NZX chairman Andrew Harmos told BusinessDesk in an email.

Ok, FMA - over to you to show you do believe in market integrity and proper disclosures of material information.

[Xerof]

Have you ever seen Mark Weldon allowing himself to be tainted with anything negative?

Balance, I'm reminded of the fact that Weldon refused to stand beside Brian Henry for a photoshoot at the DIL IPO launch.....

[Balance]

Balance, I'm reminded of the fact that Weldon refused to stand beside Brian Henry for a photoshoot at the DIL IPO launch.....

Haha ... like Helen Clark refusing to be side by side with and snubbing Owen Glenn at the Uni Auckland Owen Glenn Business School opening. Did not do Helen any good.

Weldon has conveniently got Andrew Harmos to reply to this episode of potential insider trading?