Press Release

The Newcastle Stock Exchange (NSX) says it has already made significant changes to its finances and management processes to address concerns raised in an annual assessment by the corporate watchdog. The Australian Securities and Investments Commission (ASIC) has released its assessment report, based on an inspection of the NSX in November 2003. It found inadequate arrangements for supervision of the stock exchange market and that the exchange had insufficient funds to continue operating in the medium term in accordance with its obligations. But chief executive of the NSX, Michael Cox, says both those issues have been resolved, including the raising of $12 million through a share offer. "In the last 12 months we have worked very hard to satisfy the ASIC," he said. "We have just raised $12 million in a public issue and we're listing on the ASX, so from a position last year when we had net cash assets of less than a million dollars we now have $12 million to be able to implement the procedures that we need."