nzx issuer pricing update no. 11 - amazon...
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NZX ISSUER PRICING UPDATE No. 11
Annual Listing Fees
Items covered include:
• Equity Issuers Annual Listing Fees
• Overseas Listed Issuers Annual Listing Fees
• Equity Issuers on the AX Annual Listing Fees
• Debt Issuers Annual Listing Fees
• Hybrid Securities Annual Listing Fees
• Equity Issuers Quotation of Rights Fee
• NZX Market Supervision
• Additional NZSX and NZAX Security Annual Fee
• Backdoor/Reverse Listings Fees
• Non NZX-Listed Issuers Annual Listing and Other Fees
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25 June 2010
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For any queries please contact: Client Market ServicesDDI: +64 (0)4 496 [email protected]
Disclaimer
This Pricing Update has been issued by NZX to promote market certainty and to assist Listed Issuers. NZX
may replace Pricing Updates at any time and a Listed Issuer should ensure it has the most recent version.
INTRODUCTION
This Pricing Update is made pursuant to NZSX/DX Listing Rules 5.5.2 and NZAX Listing Rule 5.5.3. The
amendments set out in this pricing update take effect from 1 July 2010.
1. NZX-LISTED ISSUERS
The annual listing fee for NZX-Listed Issuers is changed. The new fees are illustrated below for: (A) NZX
Equity Issuers, (B) Overseas Listed Issuers, (C) Equity Issuers on the AX, (D) Debt Issuers; and (E) Hybrid
Securities.
(A) EQUITY ISSUERS ANNUAL FEES
Issuer Category Fee
($NZ)
- Top 10 NZX50 constituents; or
- Market capitalisation greater than $3 billion
$88,313
- NZX50 Constituents; or
- Market capitalisation from $500 million to $3 billion.
$58,875
- Market capitalisation from $100 to $500 million $41,213
- Market capitalisation from $50 to $100 million $29,438
- Market capitalisation less than $50 million
- Foreign Investment Trusts
$17,663
(B) OVERSEAS LISTED ISSUERS ANNUAL FEES
Listing type Base fee
($NZ)
Additional change
Overseas Listed Issuer $11,775 If the adjusted New Zealand market capitalisation
(the value in New Zealand Dollars of shares held
on the New Zealand register) is greater than $50
million, the annual fee structure defined in Section
II C will apply. The maximum fee for an Overseas
Non-Index Listed Issuer is $58,875. The fee for a
foreign investment trust is $17,663.
Non-BaNCS Overseas Listed
Issuer
$11,775 None
(C) EQUITY ISSUERS ON THE AX ANNUAL FEES
Market capitalisation
($NZ millions)
Fee
($NZ)
Under $15 $5,000
$15 and above Same as Equity Issuer
annual fees, Section II.3
NZX ISSUER PRICING UPDATE NO. 11 - 25 JUNE 2010 2 of 5
(D) DEBT ISSUERS ANNUAL FEES
For any debt securities issued on or after 27 October 2008, the Debt annual listing fee set out in Table 1
below shall apply. For any debt securities issued prior to 27 October 2008 the Debt annual listing fee set out
in Table 2 below shall apply.
If an existing Debt Issuer issues new debt, the annual listing fee for the new debt will be calculated
separately under the annual listing fees set out in Table 1 and added to the annual fee for the Issuer’s
existing quoted debt securities.
Table 1 - Annual Listing Fee for Debt Securities quoted on or after 27 October 2008
Value of Securities
($NZ millions)
Base fee
($NZ)
Additional charge*
Under $100 $13,313 None
$100 – 349.9 $15,975 .00200% on aggregate value of securities
above $100 million
$350 – 499.9 $21,300 .00667% on aggregate value of securities
above $350 million
$500 – 999.9 $31,950 .00400% on aggregate value of securities
above $500 million
$1,000 and above $53,250 .00500% on aggregate value of securities
above $1 billion
* Additional charge is calculated by multiplying the percentage identified by the total value of the Debt
Securities above the minimum level in each range. For example, the annual fee for an Issuer with total Debt
Securities valued at $150 million would be $16,975 ($15,975 + (.00200% * ($150,000,000 -
$100,000,000)).
Table 2 - Annual Listing Fee for Debt Securities quoted prior to 27 October 2008
Value of Securities
($NZ millions)
Base fee
($NZ)
Additional charge*
Under $20 $5,325 None
$20 – 49.9 $5,325 .0043% on aggregate value of securities above
$20 million
$50 – 99.9 $6,710 .0028% on aggregate value of securities above
$50 million
$100 – 499.9 $8,201 .0008% on aggregate value of securities above
$100 million
$500 – 999.9 $11,449 .0004% on aggregate value of securities above
$500 million
$1,000 and above $13,526 .0002% on aggregate value of securities above
$1 billion
* Additional charge is calculated by multiplying the percentage identified by the total value of the Debt
Securities above the minimum level in each range. For example, the annual fee for an Issuer with total
Debt Securities valued at $75 million would be $7,410 ($6,710 + (.0028% * ($75,000,000 -
$50,000,000)).
NZX ISSUER PRICING UPDATE NO. 11 - 25 JUNE 2010 3 of 5
(E) HYBRID SECURITIES ANNUAL FEES
Annual Listing Fees
Applicable debt fee + 25% of (applicable equity fee – applicable debt fee)
2. EQUITY ISSUERS
The fee for Quotation of Rights is changed. The new fee is illustrated below.
The Quotation of Rights incurs a fixed fee of $5,000 in addition to any fees for the Quotation of additional
securities.
3. ALL NZX-LISTED ISSUERS
NZX MARKET SUPERVISION
The recovery for standard Market Supervision hours are changed. The new recovery is illustrated below.
Recoveries include standard Market Supervision service hours of $297.50 per hour for NZX Market
Supervision Personnel.
The allowance for up to 10 hours of Standard Market Supervision service fees free of charge each year has
been removed.
All other Market Supervision recoveries remain unchanged.
ADDITIONAL NZSX AND NZAX SECURITY FEE
An annual fee of $2,355 will apply for every additional NZSX or NZAX quoted security.
BACKDOOR/REVERSE LISTINGS
The following fees will be payable by an NZX Issuer wishing to complete a backdoor/reverse listing:
Pre-Transaction Equity Fee
Where not more than 75% of the listed Issuer’s pre-
transaction equity is issued in the course of the
transaction
Same as Standard Subsequent Issue
Fees, Section II.2
Where more than 75% of the listed Issuer’s pre-
transaction equity is issued in the course of the
transaction
The greater of Standard Subsequent
Issue Fees, Section II.2 or an Initial
Issuer Fee, Section II.1, taken from the
time of final allotment in relation to the
backdoor or reverse listing transaction
NZX ISSUER PRICING UPDATE NO. 11 - 25 JUNE 2010 4 of 5
In addition, usual NZX Market Supervision recoveries will be payable in relation to the approval of
documentation, including the Notice of Meeting and the Profile. Urgency rates will be applicable where
urgency is requested.
4. NON NZX-LISTED ISSUERS
The fees for Non NZX-Listed Issuers are changed. The new fees are illustrated below.
This section of the fee schedule prescribes the fees payable by Non NZX-Listed Issuers for the ability to use
NZX’s settlement system (BaNCS) for electronic settlement of their securities. Details of the requirements for
these Non NZX-Listed Issuers can be found in the BaNCS Issuer Settlement Application. This section of the
fee schedule also applies to any NZX-Listed Issuers who wish to use BaNCS for electronic settlement of any
securities not quoted on NZX’s markets. The fees payable in this Part Two are in addition to any fees the NZX-
Listed Issuer may be charged under Part One of this fee schedule.
An annual fee of $2,500 will apply for every Non-NZX Listed Issuer.
A fee of $2,500 is applicable to any Non-NZX Listed Issuer who changes their registered name or requests a
change in the ticker code used to identify the Non-NZX Listed Issuer’s Securities in BaNCS.
NZX ISSUER PRICING UPDATE NO. 11 - 25 JUNE 2010 5 of 5