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Speaker 1: The information provided in this program is of a general

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Speaker 1: nature and is not intended to be personalized financial advice.

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Speaker 1: We encourage you to seek appropriate advice from a qualified

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Speaker 1: professional to suit your individual circumstances. We need to talk

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Speaker 1: about takeovers because some of our major listed companies and

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Speaker 1: our targets, both the Warehouse and our Veta could be

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Speaker 1: offloaded from our exchange. It's not great for you as

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Speaker 1: a How do you feel about that? Do you think of?

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Speaker 2: You think it isn't right, So you're wake up of money.

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Speaker 2: That's not really the thing that you want to see. However,

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Speaker 2: it's part of an economic cycle. It's part of a

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Speaker 2: market cycle. We're just going to make sure alongside the

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Speaker 2: industry that we go and find those businesses that you

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Speaker 2: know that can come in.

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Speaker 1: Bullianing is serving up heart tag deals. Do do the warehouse?

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Speaker 2: The warehouse whereveryone gets a bargain.

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Speaker 1: The Warehouse could get wiped from investors, with its founder

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Speaker 1: and significant owners, Sir Stephen Tindall and a private equity

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Speaker 1: firm launching an offer to take at private. They're willing

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Speaker 1: to pay the outstanding investors at premium between one dollar

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Speaker 1: fifty and a dollar seventy a share valuing the warehouse

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Speaker 1: between five hundred and twenty and five hundred and ninety

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Speaker 1: million dollars. The retailer has been underperforming. It's sold off

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Speaker 1: Torpedo seven and shut down its online business, themarket dot

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Speaker 1: com this year. Those failings led its longtime CEO, Nick

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Speaker 1: Grayston to depart immediately. The board is now cleaning the

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Speaker 1: company up, putting the focus on its three core brands,

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Speaker 1: the Red Sheds, Bluesds and nol leaming. I was meant

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Speaker 1: to interview the chairwoman of the Warehouse, John Withers, this week,

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Speaker 1: but with the situation unfolding, she can't speak publicly, as

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Speaker 1: much as she was looking forward to communicating the changes

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Speaker 1: the company's making. Avida is also under offer in a

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Speaker 1: two billion dollar deal from an American firm. A reprising

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Speaker 1: of the retirement village sector means that share price was

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Speaker 1: cheap and private equity clearly sees it as an opportunity.

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Speaker 1: It follows the takeover of MetLife Care in twenty twenty

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Speaker 1: by a Swedish firm for one point three billion dollars,

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Speaker 1: but the stock exchange has barely found replacements to help

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Speaker 1: revive it. There was a direct listing last week, but

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Speaker 1: it was the first in almost two years. So I

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Speaker 1: asked the ended X chief executive Mark Peterson, how he

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Speaker 1: plans to fight for investors.

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Speaker 2: We work hard towards, you know, finding those businesses. I

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Speaker 2: think the industry, you know, when you think about the

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Speaker 2: investment banking teams, the lawyers, the accounting firms, everybody wants

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Speaker 2: the market to be bigger. I think it is going

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Speaker 2: to be a collective effort actually for that to occur.

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Speaker 2: We're doing a lot of work around making sure we've

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Speaker 2: got some settings right, and we've got a government who's

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Speaker 2: actually really interested in making sure they are set right.

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Speaker 2: So that's really positive. So hopefully, hopefully we have turned

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Speaker 2: to corner.

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Speaker 1: What about more government asset sales? Potentially we bank We've

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Speaker 1: had ports and power companies partially listened before. Are you

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Speaker 1: seeing potential appetite there that excites.

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Speaker 2: You or we've certainly been speaking to government about the opportunity.

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Speaker 2: You know, we think public markets are incredibly important to

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Speaker 2: New Zealand, and you know, when you're you know, in

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Speaker 2: a tougher economic environment, you've really got to prioritize where

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Speaker 2: you invest. You know, if we if we think about

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Speaker 2: you know, school's education, health. You know they are top

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Speaker 2: priorities for New Zealand and maybe there's a way we

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Speaker 2: can actually reader react some investment into that. So the

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Speaker 2: idea is there, and you know, let's see what the

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Speaker 2: government wants to do.

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Speaker 1: Are you telling them doors open, come on them whenever

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Speaker 1: you like?

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Speaker 2: Sure, we're seeing public markets are incredibly important and can

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Speaker 2: help facilitate it.

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Speaker 1: I think we need to just briefly talk about takeover

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Speaker 1: as mark to launch this week and one day the

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Speaker 1: warehouse on the table and also our veda. It's not

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Speaker 1: great for you as a how do you feel about that?

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Speaker 2: You think if you think it isn't right so you

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Speaker 2: wake up on Monday, that's not really the world the

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Speaker 2: thing they would want to see. However, you know, markets

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Speaker 2: are all about people's views on price and people's views

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Speaker 2: on value, and the market had some of those companies,

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Speaker 2: especially after harder economic times, price where they were and

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Speaker 2: that does create some opportunities. So it's part of an

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Speaker 2: economic cycle, it's part of a market cycle. We're just

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Speaker 2: going to make sure alongside the industry that we go

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Speaker 2: and find those businesses that you know they can come in.

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Speaker 2: They've got different stories to them too, so you know,

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Speaker 2: you can't just call it a simple sort of issue.

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Speaker 2: It's a complex issue. But you know, we've just got

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Speaker 2: to keep working.

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Speaker 1: How do you work at that? Do you fight to

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Speaker 1: keep them to ensure that they aren't taken over or

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Speaker 1: but then again, you don't really have much control over

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Speaker 1: the price that the market demands on the stock, So

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Speaker 1: then do you just put all of your effort into

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Speaker 1: fighting to get more listings like this one?

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Speaker 2: Well, the thing that the Exchange to do the most

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Speaker 2: is make sure people can tell their stories to investors

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Speaker 2: and help them do that. And that's alongside the broken

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Speaker 2: community that the analysts and the research folk and the

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Speaker 2: sales traders, so they're in the business of creating awareness

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Speaker 2: around all of it as well. We are too. But

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Speaker 2: you know, at the end of the day, when somebody

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Speaker 2: wants to come and pay our price, which is, you know,

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Speaker 2: a substantial premium over where it's been traded at, then

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Speaker 2: it's a little hard for us to actually influence that.

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Speaker 2: That's actually about you know, other people.

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Speaker 1: If you had a message to private equity firms who

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Speaker 1: are looking at our market going hmm, cheap opportunity, what

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Speaker 1: would you say with them?

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Speaker 2: I think the you know, nobody really wants to markets

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Speaker 2: to shrink, right, so.

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Speaker 1: You'd say bugger off.

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Speaker 2: But at the same time too, it's actually probably more

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Speaker 2: about what our market can do to think about where

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Speaker 2: multiples are with valuations are. You know, Obviously, if if

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Speaker 2: the rezerve band gets on top of inflation, the rates

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Speaker 2: start to come off and money stalls to fow back

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Speaker 2: in inequities, we get to repricing going on. I mean,

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Speaker 2: we saw the retirement sector repress completely, you know, off

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Speaker 2: the back of that. But so you know, things will chase.

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Speaker 2: But you know, we just we just need to keep

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Speaker 2: working hard. The industry needs to really really really work together,

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Speaker 2: and we find these businesses create these opportunities like these

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Speaker 2: guys I've got today.

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Speaker 1: That's kind of part of the issue, isn't It Is

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Speaker 1: that our exchange is so interest rates sensitive, which is

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Speaker 1: why our prices have been have had so much pressure

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Speaker 1: on them, and hence why others are seeing opportunity and

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Speaker 1: taking them oment.

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Speaker 2: You will, certainly we've been a yield orientated market and

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Speaker 2: that does you know, bringing rates and returns if you like,

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Speaker 2: into play. But at the same time too, hopefully we're

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Speaker 2: largely through that and we can come out the other

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Speaker 2: side positively.

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Speaker 1: So who's listing next? Mark?

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Speaker 2: I won't tell anyone, we'll keep that under rest. But

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Speaker 2: there are you know, a seriousness. There's a lot of

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Speaker 2: people that are interested. You know, they like the idea

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Speaker 2: of you know, controlling their destiny, having access to capital,

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Speaker 2: allowing shareholders to come in and out of the stop

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Speaker 2: you know, the fundamentals public market. It's all about as

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Speaker 2: well understood and liked. We're just going to make sure

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Speaker 2: the settings are right and people can want to do

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Speaker 2: more about.

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Speaker 1: Can you give us an indication of the type of

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Speaker 1: industry that is potentially looking to list. Every time we

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Speaker 1: talk Mark, we talk about how our stock exchange is

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Speaker 1: not actually reflective of the industry that we have minerallys today.

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Speaker 1: For example, we're only just getting sort of more of

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Speaker 1: those now. So what sort of industries and we expect

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Speaker 1: to even hope to see more of on our exchange.

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Speaker 2: For It's a tough question. A lot of it comes

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Speaker 2: down to where businesses are in their in their life cycle.

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Speaker 2: But you know the types of folks that we're talking

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Speaker 2: to are everybody from sort of infrastructure through the technology

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Speaker 2: through to agriculture. But it's the benefit, the market benefits

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Speaker 2: people that are that are really keen on growth, you know,

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Speaker 2: so growth is probably the key factor.

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Speaker 1: Well, when they come to you and say they're going

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Speaker 1: to last, can you slip my details across the.

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Speaker 2: Tab which I'd love to bring them along, bring along.

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Speaker 1: Thank you, Marg, good to be here for share your time,

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Speaker 1: no trouble,