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Mine Africa 2008. Noah Greenhill Senior General Manager: Marketing, JSE Ltd 4 March 2008. Agenda. Overview of the JSE – some facts and figures Main Board and the AltX Dual Listings. A brief history of the JSE. Founded in 1887 In 1995 : Open outcry floor trading

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mine africa 2008

Mine Africa 2008

Noah GreenhillSenior General Manager: Marketing, JSE Ltd4 March 2008

agenda
Agenda
  • Overview of the JSE – some facts and figures
  • Main Board and the AltX
  • Dual Listings
a brief history of the jse
A brief history of the JSE

Founded in 1887

In 1995:

  • Open outcry floor trading
  • Settlement 7 days later or more
  • Physical delivery of share certificates
  • Equities only

1995: Deregulation of the JSE

1996: Introduction of order-driven, centralised, automated trading system - JET

1997: Introduction of real-time news service for dissemination of price sensitive information - SENS

a brief history of the jse1
A brief history of the JSE

1999: Formation of STRATE

2001: Acquisition of SAFEX

2002: Move to guaranteed, contractual T+5 settlement of equity trades

2002: Replacement of JET with JSE SETS (LSE trading platform)

2003: Launch of AltX

2004: Introduction of SRI Index

2005: Launch of Yield-X

2006: Listing of JSE on Main Board

jse as it is today
JSE as it is today
  • 5 Markets
    • Equities – listing, trading & regulation of shares, ETFs and warrants
    • Equity Derivatives – SSF, index derivatives, can-do options
    • Agricultural Products – maize, wheat, soya and sunflowers
    • AltX
    • Yield-X
  • Equities and derivatives clearing
  • Settlement
    • Own 45% of STRATE
    • Guarantee of equity trades
  • Information product sales
  • Technology services
some interesting facts and figures equities main board and altx
Some interesting facts and figures: Equities (Main Board and AltX)
  • Primary markets again an attractive proposition
    • Positive growth trend in new listings across both markets
    • Growth in foreign listings

All figures are as at end December 2007

some interesting facts and figures equities main board and altx1
Some interesting facts and figures: Equities (Main Board and AltX)
  • Capital raising opportunities suggest value for both issuers and investors

All figures are as at end December 2007

some interesting facts and figures equities main board and altx2
Some interesting facts and figures: Equities (Main Board and AltX)
  • Continued strong performance in the secondary markets:
    • Average daily value traded up 39% (on 2006)
    • Average daily number of deals up 45% (on 2006)
    • Net foreign investment positive at R63.3 bn

All figures are as at end December 2007

some interesting facts and figures equities main board and altx3
Some interesting facts and figures: Equities (Main Board and AltX)
  • Significant value received by investors:
    • Market capitalisation at nearly R6 trillion – JSE remains in top 20 exchanges
    • Solid improvement in liquidity to 45%

All figures are as at end December 2007

introduction to altx
Introduction to AltX
  • AltX is the JSE’s exciting market for small and medium high growth companies
  • Provides an alternative for raising capital
  • Is operated by the JSE
  • AltX Philosophy:
    • Best practice model
    • Quality controls
      • Designated Adviser
      • AltX Advisory Committee
      • Directors Induction Programme (DIP)
altx facts and figures
AltX facts and figures
  • Exceptional market performance over the last 21 months

AltX: 4797 points

Alsi: 28958 points

All figures are as at end December 2007

dual listing
Dual Listing
  • Gain exposure to alternative shareholders.
  • Enjoy local knowledge, expertise and interest in your company.
  • Be able to use local shares for transactions.
  • Facilitate compliance with SA government charters on broad based black economic empowerment.
  • Access to the deep and alternative pools of capital relative to other African markets.
  • Keep African companies on the African continent.
primary listing on the jse
Primary Listing on the JSE
  • Must meet all the initial listings criteria – Main Board or AltX
  • Prepare pre-listing statement/prospectus – fully compliant with JSE requirements
  • Financial information must be prepared in accordance with IFRS
  • If it is a mining/exploration company – prepare CPR that complies with SAMREC
  • CPR will be reviewed by the JSE’s reader panel
  • JSE will be the primary regulator going forward – applicantmust comply with all JSE listings requirements
slide15

Secondary Listing already listed on another exchange

  • Is it listed on a recognised exchange?
  • Must meet all the initial listings criteria – Main Board or AltX
  • Prepare pre-listing statement/prospectus – compliant with JSE requirements
  • The JSE will accept extracts of the financial information if it has been prepared in accordance with IFRS
  • The JSE will not insist on the financial information being signed-off/audited again for purposes of the listing documentation
  • Non-IFRS numbers – discuss with JSE – recon to IFRS
  • The JSE will not insist on a new CPR if it is a mining/exploration company and it has prepared a CPR within the last six months that complies with SAMREC/JORC/NI 43-101
secondary listing already listed on another exchange
Secondary Listing already listed on another exchange
  • CPR will not be reviewed by the JSE’s reader panel
  • CPR must be included and there must be a statement by the competent person that there has been no material changes
  • If it is listed on a recognised exchange then that exchange will take the lead in the enforcement of listings requirements on a continuing basis
secondary listing not listed on another exchange
Secondary Listing not listed on another exchange
  • Must meet all the initial listings criteria – Main Board or AltX
  • Prepare pre-listing statement/prospectus – compliant with JSE requirements
  • Financial information must be prepared in accordance with IFRS
  • Non-IFRS numbers – recon to IFRS
  • Financial information must be signed-off/audited for purposes of the listing documentation
  • CPR must be prepared if it is a mining/exploration company that complies with SAMREC/JORC/Canadian 43-101
  • JSE’s readers panel must review and sign-off on CPR
  • If it is listed on a recognized exchange then that exchange will take the lead in the enforcement of listings requirements on a continuing basis
recognised exchanges
Recognised Exchanges

Main Board

  • LSE Main Board – regulated by the UKLA
  • Australian Stock Exchange
  • Toronto Stock Exchange – Main Board

AltX

  • LSE Main Board – regulated by the UKLA
  • AIM
  • Toronto Stock Exchange – Main Board
  • Australian Stock Exchange
dual listing altx and aim
Dual Listing AltX and AIM
  • AIM
    • Primary regulator
    • Sponsor
    • Profit forecast
    • DIP
    • Fungibility
    • SARB
conclusion
Conclusion
  • Straight-forward strategic approach: what do the issuer and the investor want?
  • AltX launched in response to identified market need – will continue to grow and develop the market
  • No of initiatives in the pipeline for 2008:
    • Promotion of cash-settled future on AltX 15 Index
    • Investigation into launch of AltX 15 exchange traded fund (ETF)
    • Business development, business development, business development: Local and International (including focus on Africa)
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