9 May 2007
APX Welcomes New Secondary Market in agri MIS Stocks
The little-known Australia Pacific Exchange Ltd (APX) gave a big round of applause yesterday to the Federal Budget’s decision to allow a secondary market in agricultural Managed Investment Schemes (MIS) from July 1 - provided they have been held for four years.
“This is a timely and welcome development for the APX,” trumpeted APX managing director Martin Ryan from the rooftops yesterday.
“There are about 15 companies in the Agri MIS sector and they are all welcome to list on the APX. We are ready for them now.
“We are a dedicated market for listing illiquid securities such as this. APX has been working behind the scenes for some time to help unlock the investment gains in a range of illiquid investments such as forestry projects,” Mr Ryan said.
The listed players in the timber section have a value of over $2 billion and more than 75,000
shareholders.
“The ability to list MIS interests carries benefits for both managers and investors. Clearly, the
transformation that market pricing and liquidity brings to MIS investments will be attractive to new investors to the sector.
“Existing investors will gain new avenues to unlock investment gains and to reinvest in new timber projects. This is something that both the industry and government would naturally like”
“We also see the secondary MIS market having natural support as a new investment category for longduration investors, such as superannuation funds, and life insurance companies,” Mr Ryan said.
APX operates three boards - property, hybrids and debt and Equity.
For further information:
Martin Ryan
Managing Director
Australia Pacific Exchange
Ph: 03 8601 2024
Mobile: 0410 545 755
www.apx.com.au