In another set back for the NZX (Given the difficulties in creating a stock exchange of value in New Zealand strange situation, I think NZX CEO Mark Weldon is worth his seven figure salary), two listings, or potential listings have been delayed or cancelled. First the Jones’ real estate agency has cancelled indefinitely it’s listing sighting international equity markets volatility as the cause for the decision.
Now Fonterra announces that a planned first vote on a capital restructure process that was expected in May has been cancelled. Fonterra claim a need to further inform farmers as to the ramifications of a listing is the cause of the delay but I can’t help but wonder if it also has something to do with the global credit crisis.
My pick is that there will be more pain for the NZX before things get better….