National Stock Exchange of Australia to be acquired by Canadian Securities Exchange
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The news: The National Stock Exchange of Australia (NSX) is set to be acquired by the market operator of the Canadian Securities Exchange (CSE) that is unanimously backed by the board of the alternative Australian stock exchange.
The numbers: Under the scheme implementation deed that NSX has entered with CNSX Markets, the Canadian market operator will pay $0.035 per ordinary share, representing a 59% premium on the last closing price prior to the announcement.
The offer is also a 52% premium to the volume-weighted average price in the month to 16 May and a 67% premium over the last three months.
The context: The deal is subject to approval from CNSX shareholders by 15 July, while NSX shareholders will be expected to vote on the scheme in September. The first court date will be on the first day of August.
If the acquisition is successful, NSX intends to delist from the ASX.
Earlier this month, NSX raised $1.3 million to provide working capital for the company after it botched an earlier capital raise.
What they said: “The CSE’s own journey is consistent with NSX’s annunciated strategy, and this development enables the natural next step in the evolution of Australia’s capital markets and NSX’s growth,” NSX chair Tim Hart said.
“If approved by shareholders and ASIC, this transaction will boost Australia’s market competitiveness and expand the range of opportunities for companies seeking capital to grow and investors looking for diversity to build wealth.”
The source: ASX
