Rural Bank has purchased the exchange’s non-core business for an undisclosed sum.
The New Zealand Stock Exchange (NZX) has announced another sale of its non-core business today. This time, it’s the sale of its Australian grain data business to Rural Bank for an undisclosed figure.
The sale to Rural Bank, Australia’s only owned and operated dedicated agribusiness bank, will be effective as of August 31, 2018. As a result, the six Melbourne-based staff members of Australian Crop Forecasters and Profarmer Australia will transition with the sale. This will see NZX close its Melbourne office.
According to the statement, the New Zealand exchange will write down NZ$2.1 million in intangible assets. As of December 31, 2017, the company had NZ$ 36.3 million in intangible assets.
Commenting on the sale, CEO of NZX, Mark Peterson, said: “This divestment is a positive outcome for all parties. The transaction continues the NZX’s Execution of its strategy announced in November last year, which outlined an increased focus back on its core markets business.”
NZX selling off its non-core businesses
The selling of its Australian grain data business closely echoes a previous sale it made earlier this year. This was when the Exchange sold its rural newspaper Farmers Weekly to its former owners Dean and Cushla Williamson. The amount of this sale was also undisclosed. It also saw the new entity keep on all of the existing 15 staff members.
So far this year, NZX shares have dipped 1.8 percent. They last traded at NZ$1.10. The exchange is planning to release its first-half earnings on August 15, 2018.
The company’s first-half results for 2017 showed a mixed performance overall. The group’s revenues were slightly lower year-over-year while operating costs saw a sizable decline relative to the same period a year ago.
Specifically, during the six month period through to June 2017, the exchange’s operating revenues came in at NZ$36.5 million ($26.5 million). The was a decline of around 3.6 percent year-over-year.
The New Zealand Stock Exchange (NZX) has announced another sale of its non-core business today. This time, it’s the sale of its Australian grain data business to Rural Bank for an undisclosed figure.
The sale to Rural Bank, Australia’s only owned and operated dedicated agribusiness bank, will be effective as of August 31, 2018. As a result, the six Melbourne-based staff members of Australian Crop Forecasters and Profarmer Australia will transition with the sale. This will see NZX close its Melbourne office.
According to the statement, the New Zealand exchange will write down NZ$2.1 million in intangible assets. As of December 31, 2017, the company had NZ$ 36.3 million in intangible assets.
Commenting on the sale, CEO of NZX, Mark Peterson, said: “This divestment is a positive outcome for all parties. The transaction continues the NZX’s Execution of its strategy announced in November last year, which outlined an increased focus back on its core markets business.”
NZX selling off its non-core businesses
The selling of its Australian grain data business closely echoes a previous sale it made earlier this year. This was when the Exchange sold its rural newspaper Farmers Weekly to its former owners Dean and Cushla Williamson. The amount of this sale was also undisclosed. It also saw the new entity keep on all of the existing 15 staff members.
So far this year, NZX shares have dipped 1.8 percent. They last traded at NZ$1.10. The exchange is planning to release its first-half earnings on August 15, 2018.
The company’s first-half results for 2017 showed a mixed performance overall. The group’s revenues were slightly lower year-over-year while operating costs saw a sizable decline relative to the same period a year ago.
Specifically, during the six month period through to June 2017, the exchange’s operating revenues came in at NZ$36.5 million ($26.5 million). The was a decline of around 3.6 percent year-over-year.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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