Press releases 2002
18 July 2002
London Stock Exchange to address Western Australian companies in Perth
Western Australian companies accessing one of the world's premier financial markets will be a hot topic of discussion in Perth next month.
The Perth offices of William Buck, chartered accountants and Corrs Chambers Westgarth, lawyers who specialise in capital raisings and stock exchange listings will co-host senior management of the London Stock Exchange for the first Exchange seminar in Perth on the Advantages of Australian companies listing in London.
According to Philip Mastriforte, Head of Issuer Services at the Exchange, "In an increasingly global economy the decision facing company executives is not simply whether to list a company's shares but also where to list. Our markets offer a serious opportunity for Western Australian companies, we have more international capital available than any other financial centre and a critical mass of investors and analysts who understand Australian companies. Our main market and AIM, our market for smaller growing companies, are becoming increasingly attractive options for overseas companies. We look forward to presenting their benefits to companies in Western Australia".
Chris Brown, William Buck's international business director says "To be globally sustainable, Australian public companies may need to consider alternative listing strategies to secure strong shareholder support for capital, as well as positioning closer to major customer markets. London is emerging as a premier financial centre for the European region and offers advantages of both capital abundance and large neighbouring customer markets".
Tim Wong, Corporate Partner at Corrs Chambers Westgarth said "Given the increasingly worldwide focus on accounting practices and corporate governance following recent events in the US (with Enron), and in Australia (with HIH and OneTel) and the movement towards global accounting and governance standards, we are very pleased that the London Stock Exchange has accepted our personal invitation to provide a valuable insight as to how these market operators are confronting such issues. Australian companies are continually assessing capital raising opportunities abroad given the relatively small size of the Australian market in an international context. London is a major financial capital of the world and we believe the Exchange's markets present a viable alternative in many cases".
This seminar will be held on Monday 19 August 2002 at the Parmelia Hilton, Perth from 2pm to 5pm and is the only seminar being given by the Exchange in Perth. Invitations to this event will be very limited and parties wishing to register their interest may do so by e-mail at firstname.lastname@example.org
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For further details please contact:
||Press Office, London Stock Exchange
+44 20 7797 1425
||Director, William Buck (WA) Pty Ltd
+61 8 9474 1388
||Partner, Corrs Chambers Westgarth
||+61 8 9321 8531
+61 0411 836 421
Notes to Editors:
- For more information about Australian companies on the Exchange's markets click here
- The London Stock Exchange currently has 21 Australian companies on its markets, which had a combined market capitalisation of AUD 150,091m at the end of June 2002. Eight of these are on the Exchange's main market and the other 13 are on AIM, the Exchange's market for smaller growing companies
- The most recent Australian admission was Reefton Mining, which joined AIM on 20 May 2002.
- In the first six months of 2002, there were 46,962 trades in Australian equities reported in London with a combined value of AUD 17,694m. Last year, total trading reported for Australian equities was AUD 34,569m across 89,356 individual trades.
- Two Australian companies, RFC and Macquarie Bank, are approved by the Exchange as nominated advisers (nomads). This means they can advise companies wishing to join AIM, the Exchange's market for smaller growing companies.
- The Exchange also has approximately 400 bonds from Australia. Australia is in the top five countries for bond issuance in London.
(Exchange rate used: 1 = AUD 2.8)