nzx issuer pricing update no. 11 - amazon...

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


above $350 million


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 million


$100 million


$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)).


(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


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 - amazon...

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