Press Release

The potential for the establishment of a stock exchange in Wollongong similar to one operated successfully in Newcastle since 2000 will be the subject of a public function to be held on April 13. To be hosted by the Lord Mayor, Councillor Alex Darling, the gathering will provide local businesspeople and residents with the opportunities to meet with the Newcastle Stock Exchange (NSX) management and discuss the merits of being able to publicly list businesses in a local forum. The function follows the visit of the Lord Mayor and Wollongong City Council officers to the NSX during March to view operations and to discuss the core model which the exchange uses for business. The NSX also recently purchased the Bendigo Stock Exchange in Victoria and has suggested the possibility of assisting and providing information which would support the establishment of some form of local operation. NSX Chief Executive Officer, Scott Evans, will address the gathering about these opportunities and general operations in Newcastle in line with an invitation to speak with local business leaders extended by the Lord Mayor. Councillor Darling said that although the idea of establishing a Wollongong Stock Exchange was in its infancy, he was committed to ensuring a full investigation was made into the viability of such a project. “We can see from the Newcastle example that setting up a local level stock exchange is not an instantaneous process with the NSX taking around three years to re-establish itself after having its beginnings way back in 1937,” Councillor Darling said. “However, given in just four years since being re-established, the NSX has gone from nothing to $260 million in equities with 28 registered companies and 50 shareholders, I feel this is a worthy thing for our city to consider.” Deputy Lord Mayor, Councillor Kiril Jonovski, said a number of large national corporations had their beginnings at the NSX, which demonstrated the advancement opportunities offered through having a local stock exchange. “Brambles, Coal and Allied Industries, Newcastle Gas, Steggles and NBN Broadcasting all were listed on the NSX at some time during their history and we can see how well each of these has done,” Councillor Jonovski said. “Although the Newcastle model may not be exactly what is needed in Wollongong, this function will offer the opportunity for some initial information and feedback to change hands so the ‘waters’ can be tested with those who are interested.” While the function is open to the public bookings are essential and should be made through Council’s Communications and Public Relations division on 4227 7104. Further Information Contact: Lord Mayor's office Phone: (02) 4227 7104 Email: mailbox@wollongong.nsw.gov.au