from good to great 

F R O M
GOOD TO
GREAT
BOOK ONE: THE STORY OF LISTING WITH NZX
Disclaimer
NZX has prepared this NZX Listing Information Kit for informational purposes only. It is general in nature and may not apply to the
particular circumstances of any company. Specialist advice should be sought by any company intending to list on an NZX market. No
material in this information kit should be constituted as legal advice or opinion. Any company intending to list on an NZX market should
also seek specific independent legal advice with respect to its NZX market listing and on-going obligations.
NZX shall not be liable to any person in contract, tort (including, without limitation, in negligence), equity or otherwise, for or in respect
of, any reliance on any material contained in this information kit.
© New Zealand Exchange Limited (NZX), 2005. Printed October 2006
Copyright is asserted by NZX. All rights reserved. This information kit must not be copied or distributed, in whole or part, to any third party
without the express written permission of NZX.
For more information on NZX visit www.nzx.com

CONTENTS Page
BECOME AN NZX LISTED COMPANY 5
BENEFITS OF LISTING 9
Fuel to Grow 13
Unlock Value For Owners 19
Strategic Flexibility 25
Profile and Brand Leverage 33
A Culture of Ownership 39
Strengthened Business Infrastructure 43
LISTING IN NEW ZEALAND 47
LISTING STORIES 53
42 Below 55
Just Water International Limited 61
Livestock Improvement Corporation 67
Canwest Mediaworks 75
Pumpkin Patch 81
Delegats 87
Rakon 93
NEXT STEPS 93


BECOME AN NZX LISTED COMPANY
Go from Good to Great
“Good is the enemy of great. Those who strive
to turn good into great, find the process no more painful or
exhausting than those who settle for just letting things wallow
along in mind-numbing mediocrity. Yes, turning good into great
takes energy. But the building of momentum adds more energy
back into the pool than it takes out.”
Jim Collins, From Good to Great.

New Zealand is a nation based on entrepreneurs. At NZX,
we believe the entrepreneurial and pioneering spirit of
New Zealanders is captured in the sharemarket.
The sharemarket reflects the economic life of this country
from its earliest days, at the centre of the gold rush and
trading posts, to the present where the sharemarket plays
an important role in not only the economy – but also in the
cultural and social lives of many New Zealanders.
The sharemarket drives growth and prosperity for business,
individuals and, therefore, for New Zealand as a whole.
Frankly, without a vibrant sharemarket we, as New
Zealanders, could not enjoy the lifestyle and freedom that
we do.
The New Zealand sharemarket is all about great New
Zealand companies, run by clever, pioneering New
Zealanders. NZX listed companies are an important part of
our economy. The companies that choose to list on NZX’s
markets are as varied as New Zealand itself. They capitalise
on New Zealand’s natural creative talents and resources.
We strongly believe that these successful businesses are the
best means of creating a better New Zealand economy.
When companies make the decision to list, they join the
ranks of New Zealand’s great companies. Many NZX listed
companies are, or have become, household names both here
in New Zealand – and elsewhere in the world. Companies
like Pumpkin Patch, The Warehouse, Fisher & Paykel,
CanWest MediaWorks, Michael Hill, 42 Below, Telecom,
Fletcher Building and Sky City to name a few.
These NZX listed companies are choosing to raise their
heads above the parapet, to be subject to world standards
of business best practice and to enable ordinary New
Zealanders to share in the ownership – and the success
– of their organisation. There are many, many more
companies just like these in New Zealand, waiting to take
the leap. Good companies with great ideas, exciting plans,
sound business propositions, good track records and good
corporate governance that are ready to take the step towards
greatness.
If your organisation has what it takes to take on the world and
join the ranks of these great New Zealand companies, you
should consider becoming an NZX Listed company. The
benefits are varied and the challenges never stop. Listing
opens the door to opportunities for your company. Most
importantly, you will have access to the magic ingredient
all companies need in their journey to greatness; ongoing
access to cost effective capital.
By becoming an NZX listed company, you can accelerate
your growth and realise aspirations and potential often well
beyond what you would otherwise have imagined.
Your company can go from good to great. Read on to find
out how.
BECOME AN NZX LISTED COMPANY
Go from Good to Great


BENEFITS OF LISTING
Transform Your Business
“Enduring great companies preserve their core values
and purpose, while their business strategies and operating
practices endlessly adapt to a changing world. This is
the magical combination of preserve the core and
stimulate progress.”
Jim Collins, From Good to Great.
11
Transform Your Business
Listing is the fuel that can economically transform your
business. Taking the step to become listed can allow you
to realise your business goals, without cashing out or giving
up control.
It can bring many benefits and opportunities previously
unrealised. The diagram below outlines some of the
limitations some non-listed companies face and the potential
advantages of being listed.
NON-LISTED
Ë Limited growth options
Ë Limited options for company owners
Ë Limited expansion mechanisms
Ë Limited brand profile
BENEFITS OF LISTING
Transform Your Business
The listing process will bring you and your company many
benefits:
Provide fuel to grow
Unlock value for owners
Provide strategic flexibility
Strengthen company profile and brand
Create a culture of ownership
Strengthen business infrastructure
LISTED
✔ Improved access to ongoing capital
for growth
✔ Transparent market valuation
✔ Increased growth options
✔ Increased brand profile
✔ Improved culture and workforce loyalty
Read on to find out how your company can benefit from being NZX Listed.

13
FUEL TO GROW
The Pumpkin Patch Story
Listing on the NZSX Market in June 2004 provided the required capital
injection.
PPL raised $101.28M upon listing and have used some of this, along with
their strong brand, size, customer base and clear goals, to contribute
to the development of their company. In April 2005, they were in lease
negotiations to enter into the US market.
Pumpkin Patch Limited (PPL) started from small beginnings. It was
founded in Auckland in 1990 by Sally Synnott. The business launched
“in the corner of a friend’s office” as a mail-order operation making kiwi
clothes for kiwi kids. This business grew over the next ten years to the
stage where it had company owned retail stores in New Zealand, Australia
and the United Kingdom. It also had distribution agreements in Ireland,
the Middle East and the United States.
But PPL wanted to continue growing its already extensive chain of retail
stores in Australia and New Zealand, as well as continuing to develop
markets further afield. The fuel that was required to continue this growth
was capital.
Moral of the story: If you can make it here, you can make it anywhere. NZX Listed companies are taking on the world – want
to join them?
15
Fuel to Grow
Capital is the fuel that will feed your company and help
it to grow. As your company progresses, from initial start
up through to maturity, there are many sources of financing
available to you. What is key, is having access to an ongoing
cost effective mechanism for raising capital.
Capital is often the means to help convert intellectual
capital – namely ideas – into viable business endeavours.
It is the “life force” for breeding new opportunities and is a
key ingredient to making them happen. A business without
a viable supply of capital is akin to an engine operating
without petrol.
At each stage of business growth, companies face different
financing issues. This is demonstrated in the diagram below.
Depending on the lifecycle stage and particular needs, there
are a number of finance options to encourage and sustain
growth. But as a general rule, companies tend to rely on two
main forms of capital to grow – equity and debt.
Equity holders are exposed to higher levels of business risk,
so the returns for investors are usually higher. In contrast,
debt generally carries lower, fixed interest payments. To
make the decision on what is right for your company long
term, you should consider a mix of equity and debt.
The total cost of raising equity through listing and an Initial
Public Offering (IPO) is often lower than you would expect.
In 2004, IPO costs in New Zealand as a percentage of funds
raised ranged between 2.7% and 8.8%, with an average
of 5.5%2
. Compare this with the cost of IPOs in Australia
where the median cost was 7.8% in 20042
.
BENEFITS OF LISTING
Fuel to Grow
1 Source: Ernst & Young, July 2005
2 Source: PriceWaterhouseCoopers, 2004 Survey of Initial Public Offerings, April 2005
3 Source: NZX study, July 2005
Figure 1: Ernst & Young Growth Driver Model1
Figure 2: Listing Cost Breakdown3
While we cannot give any absolute guarantees of what the
total costs are to list for any particular company (as NZX
listing fees are only a small part of the total cost at around 3%
to 4%), we can give you an idea of how the cost is spread. The
“We considered venture capital and debt but we decided
on listing as the best option because it was the most
cost effective.”
Geoff Ross, CEO, 42 BELOW
17
costs of listing typically break down as indicated in Figure 2,
but can vary considerably between these categories.
We encourage you to negotiate with NZX Firms/NZX
Sponsors and other advisors, such as accountants and
lawyers, to achieve the best prices. For example, NZX’s
own listing on the NZSX Market was achieved at a cost of
4.5% of the funds raised (the offer was oversubscribed, so
this percentage could have been lower had we looked to
raise more capital at the time).
Secondary Capital Raising
The fuel that listing provides does not stop after your IPO
and listing. In contrast to other methods of capital raising,
listing offers an accessible, cost effective source for future
finance through secondary capital raising options.
This secondary capital raising can be executed in a number of
ways, including new issues of shares to existing shareholders,
placements or subsequent public offerings – which will raise
additional capital and expand the shareholder base.
In 2004, the amount of money raised on NZX’s markets via
secondary capital raising was $1.09B (approx.)2
. The costs
for raising this capital, when compared with other forms of
financing is impressively low and delivers ongoing benefits
beyond the initial listing phase.
Two examples of NZX Listed companies which have used
BENEFITS OF LISTING
Fuel to Grow
2 Note: Includes all money raised by equity excluding IPOs, e.g. rights issues, placements, options.
secondary fundraising to raise additional capital are:
In May 2005, Fletcher Building placed 20 million ordinary
shares to institutional investors following a book-build
process. Shares were placed at $7.05 per share, realising
$141M in total. The finance raised was used to fund the
partial purchase of Amatek Holdings (which is a holding
company comprised of four Australian building products
businesses).
In September 2003, Wellington Drive Technologies
issued over 14 million ordinary shares. Shares were
placed at 0.25c per share, realising over $3M in total. The
finance raised was used to assist with the funding of the
marketing, production and further development of its
proprietary electronically controlled motor technology.
See the costs of subsequent public offerings in the NZX
Listing Fees section of NZX’s Guide to Listing publication.
For more information about how to raise capital once listed
you can also talk to your NZX Firm or NZX Sponsor.

19
UNLOCK VALUE FOR OWNERS
The Livestock Improvement Story
Livestock Improvement Corporation Ltd (LIC) is a classic New Zealand
dairy farming cooperative, with origins tracing back to the early 1900s.
They supply artificial breeding, herd testing, and herd recording and
advisory services to approximately 12,000 dairy farmer clients. The
cooperative also supplies allied services to other New Zealand agricultural
sectors and exports to a number of countries. In short, it doesn’t get more
“heartland” than LIC.
LIC has evolved through a number of structures, eventually becoming an
100% user owned cooperative after the Dairy Industry Restructuring Act
2001. Initially, shares in the cooperative could only be bought and sold
between the cooperative members and the LIC at their nominal value
of $1.00, a price which was not related to the underlying asset value or
expectations of earnings. Additionally, because shares could only be
bought and sold when members entered or left the industry, there was an
imbalance of buyers and sellers. In summary; it was difficult for farmers
to unlock the true value of their investment.
LIC was not a typical listing case and to really address the issue of
liquidity, they needed to develop a new share structure to better represent
the true value of their shareholdings to cooperative members. In addition,
LIC members wished to retain control of the company, so they chose to
retain shares in the cooperative that could not be publicly traded. NZX
worked with LIC to create a tailored solution to fit these needs.
In April 2004, LIC listed on the NZAX Market and in the process became
the first true cooperative to list on NZX’s markets. They compliance listed
on the NZAX Market as a non-standard issuer with a dual share structure.
Under the new dual structure, one cooperative control share and ten fully
paid investment shares were allocated for each nominal $1.00 share held.
The shares are not traded among the general public. The only people who
are eligible to own and trade these shares are dairy herd owners who
actively trade with LIC. There are also prescribed minimum and maximum
numbers of shares which these farmers must hold, but they are otherwise
able to trade their investment shares.
LIC’s listing has paid off – in June 2005 the investment shares were worth
$14, and the their value to owners has truly been unlocked.
Moral of the story: Cooperatives are the backbone of the nation. NZX is proud to have been able to provide a value solution to
New Zealand’s farmers. We are happy to create one for your organisation too.
21
Unlock Value for Owners
One of the most important metrics for any company owner,
is valuation. It is also one of the most specialist areas as
there are multiple models and theories on how to calculate
the true value of your company. We believe listing holds
power in terms of valuation as it allows for the most accurate
methodology for valuing your shares – fair market pricing
– as opposed to relying on the opinions of a consultant,
company directors, or an agreed formula which may not
move with the times.
One of the main contributing factors to this valuation
process is the dynamic interaction of buyers and sellers.
This gives you, as a company owner, maximum valuation
transparency that is not possible if your company value is
being determined in the absence of willing bidders. Listing
unlocks the value of ownership through liquidity and price
discovery.
Liquidity
Upon listing, liquidity develops for existing shareholders in
the company because of the ability for the wider investing
public and financial institutions to access shares in the
company via the market trading and settlement facility
provided by NZX. This means that existing shareholders
can more easily increase or decrease their shareholdings,
quickly and cost-effectively, as there are more buyers and
sellers for them to trade with.
BENEFITS OF LISTING
Unlock Value For Owners
1
Source: NZX Data
*Please Note: URBUS is now part of ING Property Trust, as a result of a takeover on 24 June 2005
Figure 3: URBUS Trading Statistics1
This trading is facilitated by a nationwide network of
connected NZX Firms (e.g. sharebrokers), who have access
to buy or sell shares for their clients instantly, through
electronic trading screens connected to each other via an
online network provided by NZX. The ability to see bids
and offers at all times when the markets are open, means
that shareholders can gauge the likely price they may
receive should they wish to sell their shares.
URBUS Trading Statistics*
Average Average Average
trades volume value
per month per month per month
12 months prior to listing 59 464,229 $367,093
12 months after listing 229 3,806,686 $3,465,904
Change (%) 290% 720% 844%
“The biggest issue we faced was that, with many farmers
retiring, we would always have more natural
sellers than buyers. There’s a natural imbalance, and what
we needed more than anything was liquidity.”
Selwyn Tisch, Company Secretary, Livestock Improvement 2005
23
Shareholders can then decide whether or not to liquidate their
holdings (with the time from decision to transaction being no
more than a matter of minutes). This fuels liquidity and ultimately
improves the ability to value shares in your company.
Recent examples of companies that have moved from an
unlisted market infrastructure to NZX’s markets have
demonstrated improved liquidity and increased valuations.
Some of these companies have seen a surge in their market
valuation in the months after listing which could be
BENEFITS OF LISTING
Unlock Value For Owners
Figure 5: PricewaterhouseCoopers Premium on Listing2
1 Source: NZX Data
2 Source: PricewaterhouseCoopers 2004 Survey of Initial Public Offering
Figure 4: Comvita Tading Statistics1
attributed to transparent pricing and exposure to a wider
group of buyers, sellers and analysts. For examples of this,
see Figures 3 and 4.
Price Discovery
Many companies will have a pre-determined valuation
of their business prior to listing. This is a critical input to
setting the listing price. Once listed however, trading will
determine market value, by buyers and sellers exchanging
ownership. The transparency of trading on the sharemarket
creates natural price discovery.
Price discovery often provides positive results. In 2004,
the average listing premium was 6%. The table below
illustrates the average listing premium (or discount in the
case of negative growth) for the companies that listed on
the NZSX Market over the period of 1994 – 2004.
Comvita Trading Statistics
Average Average Average
trades volume value
per month per month per month
12 months prior to listing 5 54,289 $92,786
12 months after listing 42 232,310 $543,552
Change (%) 683% 328% 486%
Monthly Value Traded Month End Price
Value Traded ($ million)
Price
Listing
$0.0 m
$0.2 m
$0.4 m
$0.6 m
$0.8 m
$1.0 m
$1.2 m
$1.4 m
$1.6 m
$1.8 m
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Sep 02
Nov 02
Jan 03
Mar 03
May 03
Jul 03
Sep 03
Nov 03
Jan 04
Mar 04
May 04
Jul 04
Sep 04
Nov 04
Jan 05
Mar 05
May 05
Jul 05
Sep 05
Nov 05
Jan 06
Mar 06
May 06
Jul 06
Comvita Limited Trading Statistics (Listed November 2003)
“Diversifying the shareholder base was the main
reason that we decided to move from the unlisted facility to
NZX…. without many sellers our shares were very illiquid.
Through the listing process we were able to attract a wider
range of shareholders.”
Tony Coombe, CFO, Turners Auctions
25
 STRATEGIC FLEXIBILITY
CanWest MediaWorks Limited (MWL) is a truly global media network
that made a conscious decision to list in New Zealand and “go local”.
MWL operates leading Radio and TV networks in New Zealand reaching
approximately 99% of New Zealand’s population. RadioWorks operates six
national brands, as well as 22 regional stations throughout the country
and TVWorks operates New Zealand’s leading privately-owned free-to-air
channel, the TV3 television network and also the popular youth-oriented
predominantly music TV channel, C4. MWL is a subsidiary of the CanWest
Global Group, a group of leading international media companies, and
Canada’s largest integrated media company.
Despite its overseas parent, the company had an obvious desire to
invest in the success of its New Zealand operations. Particularly as a
media company which touches and relies upon many New Zealanders
for its success, MWL wanted to unlock the value of the company in New
Zealand, for New Zealanders. At about this time, CanWest Global Group
also wanted to retire some debt in Canada. Listing was an option which
allowed them the strategic flexibility to do both.
MWL listed on the NZSX Market in July 2004. The Initial Public Offering
(IPO) raised $104.04M immediately allowing them to retire the parent
company’s debt. They also became a media company based in New
Zealand, listed on the New Zealand market, partially owned by and
focused on New Zealanders. By listing MWL offered New Zealanders a
rare chance to invest in a mainstream media company in New Zealand.
Listing has given MWL the opportunity (through raising its profile and
additional capital) to acquire local companies whilst retaining the
backing of a global parent (the CanWest Global Group retained a 67%
shareholding in MWL). Brent Impey, CEO, MWL, noticed options opening
up for them in the local market soon after listing, “Since virtually day
one, we have been inundated with small business opportunities, which
was something that we probably weren’t expecting. We have taken up a
couple of them including some local radio acquisitions in the Coromandel
and Gisborne.”
The Canwest MediaWorks Story
Moral of the story: Being world famous in New Zealand is sometimes as important as going global. If your firm needs
local relevance, NZX can deliver.
27
Strategic Flexibility
As a company owner, having the ability to change your
company’s course at any time is critical to business longevity.
Companies that last not only have vision, but the capability
to achieve that vision over decades, market upturns and
downswings, changes in product and service lifecycles and
management turnover.
We call this strategic flexibility. Becoming an NZX Listed
company will provide you with strategic flexibility – and it
is often one of the most overlooked benefits of listing.
The four main elements of strategic flexibility that listing
with NZX provides are:
Ability to retain control
Ability to facilitate growth
Financial flexibility
Succession planning
Retain Control
As companies grow they often find that they come to a stage
in their evolution where traditional forms of financing (such
as debt) will no longer provide the fuel they need to grow.
In order to continue to grow, these companies are faced
with several options. This often means, at least to some
degree, a loss of control over the company and its future
direction. For instance, one option is to sell the company
to perhaps an international company – often resulting in
total loss of control for the sake of a significant one-off lump
sum payment. Another option could be venture capital –
which often means handing over a controlling stake in the
company to an independent investor, seeking a return on
investment for little (or no) involvement in the running of
the company long term.
By listing, your company can reach the next stage in its
development and your owner(s) can still retain a majority
ownership stake – and therefore control – of the company.
You can then continue with your strategic plans and goals
for the company, bringing to life the plans and dreams that
you have been striving to achieve.
Facilitate Growth
Capital raising is the obvious benefit of becoming an NZX
Listed company. However, once capital is acquired through
an Initial Public Offer (IPO), your company’s ability to
access additional capital does not end. Your company can
also make subsequent public offers to raise capital for future
ventures.
Listing is a long term plan for the growth of your company.
The capital can be utilised to expand your business,
achieve national/international growth objectives or to make
acquisitions. On the following page are some examples of
how companies have benefited from the flexibility that
equity capital offers their business.
BENEFITS OF LISTING
 Strategic Flexibility
“
Recently Infratil Limited made an offer to purchase Kent
International Airport in the United Kingdom. Without a doubt, our
initiatives in this acquisition were strengthened by the Kent
City’s ability to independently verify our story because of our listing
on NZX.”
Lloyd Morrison, Director, Infratil Limited
29
Acquisitions and Expansion
Quoted shares are a vital acquisition currency for fast
growing businesses. In many instances – some recently in
New Zealand – companies have hit a growth and acquisition
ceiling when they have not had the benefit of shares for
acquisition currency. As expansion and acquisition is often
necessary for survival, listing offers a core strength and
competitive advantage for small-medium sized companies.
Examples:
Acquisitions – CanWest MediaWorks have used capital
raised in New Zealand to buy local radio stations since
listing.
Geographical expansion – Michael Hill has opened new
stores in New Zealand, Australia and Canada since
listing.
Product development – Comvita has further developed its
product range since listing. It now contains 120 natural
health care products with 12 of these being developed in
2004.
International expansion – 42 BELOW used the capital
they raised to market their brand internationally. Infratil
has purchased one airport in Scotland and made an offer
to purchase Lubeck Airport in Germany, with finance
being raised in each case via the listed markets.
Company Re-structuring
In addition to providing flexibility for growth and expansion,
listing offers many firms the ability to differentiate their
individual business units, through the establishment of
unique listed identities. For example, Turners Auctions
listed on the NZSX Market and separated its business from
the Turners parent group, thus separating the balance sheets
of the two companies. Raising capital and benefiting from
the profile associated with being listed, allowed Turners
Auctions to pursue its own growth and development
strategies, with confidence – separate from the original
parent company.
Financial Flexibility
The financial flexibility provided by listing provides further
strategic options for growing your business. These could
include:
Refinancing your balance sheet – Easier access to capital
gives the company the ability to pursue more options
financially.
Spreading or retiring debt – Companies have the ability to
use funds raised through listing to spread their existing
debt or to retire old debt.
BENEFITS OF LISTING
 Strategic Flexibility
“Listing has provided increased confidence
for Comvita’s bankers and greater certainty for existing
shareholders who can now freely trade on NZX.”
Bill Bracks, former Chairman, Comvita Limited
31
Succession Planning
In the not too distant future, you or your company’s owners
will need to start thinking about a successor. This is a difficult
task for many small-medium sized businesses, especially if
the family lineage does not provide for a natural successor.
Some company owners use listing to provide an exit strategy
from the head management position of the company, while
providing continuity through maintaining a controlling or
majority interest in the company.
Transforming your company into a publicly listed entity,
makes the company’s value more transparent and provides
natural ‘buyers’ of the ownership stake. The advantages for
your owners is that they can maintain a level of ownership
and control in the business, while achieving a fair market
price for the primary shareholding.
Many company owners find this a lucrative way to move
from one business enterprise to another. By owning a smaller
stake in a larger company – they are financially much better
off, than if they owned a larger stake in a smaller company.
The company is also likely to grow more quickly and attract
more top managers.
BENEFITS OF LISTING
 Strategic Flexibility

33
PROFILE AND BRAND LEVERAGE
Just Water International Limited (JWI) is making money out of water.
The group of four New Zealand drinking-water businesses; Just Water
New Zealand, Aqua-Cool, Cool Water and Corporate Water Brands
is the leading edge when it comes to keeping New Zealanders cool
and hydrated. All these businesses distribute to the corporate and
government sectors, providing chilled drinking water through water
coolers, and in the latter case, through custom-branded small water
bottles.
But, despite JWI’s solid 15 year track record in New Zealand and the
fact thousands of New Zealanders use their products every day, prior to
2004, hardly anyone knew of the company, the brand or even what type
of water cooler their company had. You could say they were operating
“under water.”
With the desire to become more famous and expand their already
successful H2O empire, JWI listed on the NZAX Market in June 2004. By
making an Initial Public Offer (IPO), they raised capital for growth and
acquisitions and made sure they took full advantage of the publicity
opportunities that listing provided, to raise their brand profile. The IPO
generated extensive media coverage. With headlines like “Just Water IPO
makes a healthy splash” printed in the NZ Herald, JWI easily achieved
their goals. A previously little known company was now national news!
“Prior to listing, Just Water didn’t have a brand. Nobody knew what sort
of water cooler they had. Now, I think anyone you talk to, particularly in
business, knows who Just Water is.” said Tony Falkenstein, CEO, JWI.
“Big companies like dealing with big companies – and being publicly
listed gives you bigness.”
The Just Water Story
Moral of the story: Getting your head above water isn’t always easy. So if it’s your desire to become a household brand
in New Zealand, talk to us.
35
Profile and Brand Leverage
NZX Listed companies are among New Zealand’s most
well known companies – mainly because they are also
some of New Zealand’s greatest businesses. If you’ve got
an appetite for fame, or your company could benefit from
brand awareness and publicity, then you should consider
becoming NZX Listed.
Should you choose to leverage it, your listing can rapidly
catapult your firm into the mainstream media in New
Zealand. The result will be an increase in brand awareness
and credibility.
Listing can change your relationships with the media, public,
customers, distributors, analysts, brokers and suppliers. Some
companies experience attention from acquisition prospects
post listing, others find increased interest from customers,
suppliers, and distributors. Most companies experience an
increase in valuable free media exposure.
Media & Public
The day of listing can be a great PR opportunity for your firm
should you choose to publicise it. This is because interest in
your company will be at its highest – and naturally, media
attention will follow. Having the media interested in your
company will grow your reputation and image and sharpen
your competitive advantage. The benefit is that it will be
easier for you to naturally attract new customers and suppliers
as well as improving your company’s creditworthiness in the
eyes of banks and suppliers, who can rely on the release of
publicly available information for analysis.
Ongoing, the fact that the public now hold an interest and
ownership stake in your company presents you with a unique
marketing opportunity. With disclosure obligations, you
will be required to make regular public announcements and
the media will take a more active interest in your business.
Generally, the more information in the public domain, the
more the media will follow your brand.
If an investment is made by your senior management team
to leverage this opportunity, and it is handled right, being
listed can become a core marketing asset for your firm.
Customers & Stakeholders
The effect of increased media attention is increased brand
awareness and a raised company profile. Many companies
report that following listing they have new opportunities
opened up to them from both customers, suppliers and
potential employees – who may not have otherwise heard
of their business or its success story.
Listing also provides a standard level of corporate governance
and regulation and the standards that are required to list
mean that other companies can be more comfortable
working with you. This is especially true in international
markets where little if anything may be known about a
New Zealand based overseas company. For international
companies, listing in New Zealand can show that a company
which is part of an international group has a vested interest
in New Zealand.
BENEFITS OF LISTING
Profile and Brand Leverage
“Our higher profile has generated a very positive public image
for our company, with a notable increase in interest
from off-shore companies.”
Tony Coombe, CFO, Turners Auctions
37
The stamp of being an NZX Listed company brings
credibility and substance to your firm. It will provide you
with a platform for growing not only your capital base, but
also your relationship base both within New Zealand and
elsewhere in the world.
Investors & Analysts
Sharemarket investors are informed daily about the markets,
by media commentators and financial markets’ analysts
(mainly working for NZX Firms). The information that
your company makes available is digested and reported on
by these groups, who play a major role in shaping investors’
perceptions of your company’s future prospects.
Analyst reports vary, but the common data and information
that analysts are seeking includes:
Economic indicators – Factors affecting your sector,
industry and market environment.
Operating metrics – Regular updates on core operating
fundamentals e.g. product sales metrics.
Strategic insight – Information on your company’s
direction and future plans.
Analyst reports are made available to the sharebroking
community and the media, so the more open and engaging
your management group can be about your company’s
financial status, the more informed the market will be,
and the more likely investors – particularly institutional
investors – will feel confident in following your shares.
BENEFITS OF LISTING
Profile and Brand Leverage

39
A CULTURE OF OWNERSHIP
Most companies would say that people are one of their largest assets. But
there would be few companies in New Zealand that could claim this to be
more true, than Allied Work Force Group Limited (AWF).
AWF was formed in 1988 by founder Simon Hull, and is now the largest
specialist blue collar on-hire labour business in New Zealand. Employing
over 8,000 casual workers AWF has on any one day approximately 2,500
crew out at 500 businesses around New Zealand.
Simon Hull founded the company 17 years ago with a vision to provide
New Zealand with an ongoing supply of skilled labourers, when and
where they need them. Now operating out of 21 centres in New Zealand,
AWF employs 90 full time staff to manage the business.
AWF listed on the NZSX Market on 6 July 2005. Raising $11.4M from an
Initial Public Offer (IPO), AWF has been able to strengthen their balance
sheet by repaying debt and gear the company for future growth through
acquisition and national expansion. In addition, AWF was able to offer
long-standing management and employees, the opportunity to take an
ownership stake in the company.
“Our people, manage our greatest asset – our labour force. For me,
keeping good staff committed to the business for the long term and
motivated is a major management focus. Listing provided me with an
ideal asset to combine a re-financing of the business with rewarding
management and staff” said Simon Hull.
Over 30% of the staff of AWF took up shares in the IPO. This gives staff
the added bonus of owning shares in the company that they work for
everyday, and sharing in its profits.
“Feedback from staff who took up shares in the IPO has been extremely
positive. It allows them to not only feel part of the team, but feel part of
the vision and the financial performance of the company. It focuses them
everyday on ensuring that decisions are made not only in the best interests
of their role, but the broader shareholder base.”
The Allied Work Force Story
The Allied Work Force Story
Moral of the story: Becoming publicly listed is not just about the general public. It is a unique opportunity to galvanise your
management and loyal employees behind your long term vision. By seeking a commitment beyond the 9 – 5, you can get them
to take a stake in your business and share the rewards.
41
BENEFITS OF LISTING
A Culture Of Ownership
A Culture Of Ownership
Many companies that choose to become NZX Listed, are
already established with good business practices, and a
strong and distinctive culture. However, we all know that
in today’s competitive environment attracting and keeping
the right staff will often come down to how well people
view your company.
As a result of increased profile NZX Listed companies
experience an increased ability to attract and retain highly
qualified and experienced staff. Staff are attracted to
successful companies and being in the media with a strong
profile lends companies a sense of credibility and prestige.
Importantly, an NZX Listed company’s compensation
programme becomes more flexible as it can offer an
opportunity for employees to benefit from having an
ownership stake in the business, rather than just working
for it. Employers also benefit from being able to offer an
additional form of compensation, through an executive
share scheme.
The end result is usually improved productivity, enhanced
loyalty and a more flexible compensation system for
employers.
“[Since listing] internally people are a lot more aware.
There is more pride in the company from the staff.
There is a feeling of gee we’re big time.”
Matthew Washington, CFO, Pumpkin Patch
43
STRENGTHENED BUSINESS INFRASTRUCTURE
Infratil Limited (IFT) invests in and manages infrastructure assets (such
as airports in New Zealand and Europe, electricity, waste, energy and
port investments in New Zealand and Australia). It manages these assets
with the goal of delivering higher returns to the Company’s shareholders.
Infratil was formed and listed in March 1994, initially raising $25M to invest
in infrastructure and utility assets.
Since it listed, IFT’s status as an NZX Listed company has assisted it
to raise additional capital to fuel expansion, acquisitions and growth.
Raising both equity and debt, IFT has benefited from access to a wide
range of New Zealand investors who share their interest in investing in
infrastructure assets. Today Infratil has a market capitalisation of close
to $1 billion and has provided founding shareholders with a compound
annual return of 25% per annum after tax.
“One of the main benefits for us in being an NZX Listed company, is the
transparency listing brings” said Lloyd Morrison, Managing Director, IFT.
“We have found as an organisation that being publicly listed broadens
our stakeholder interface, bringing us into contact with a larger network
of investors, regulators, government and municipality bodies and
businesses, helping them to understand our organisation and enabling
them to evaluate us with certainty as a business partner.”
IFT believes in accountability and sees this as a key determinant of long
term performance. Having public accountability and transparency brings
discipline, rigour and governance to an organisation which, in the opinion
of Morrison, is a necessity when competing in the international space.
“Recently IFT made an offer to purchase Kent International Airport in the
United Kingdom. Without a doubt, our initiatives in this acquisition have
been strengthened by the Kent City’s ability to independently verify our
story because of our listing on NZX”, said Mr Morrison.
Transparency of company systems and financial controls lowers the risk
for organisations dealing with the company, improves reliability in the
eyes of key market participants and ultimately, leads to a lower cost of
capital. In addition, IFT now attracts some of the best staff in the world
and has had opportunities opened up to them that, Morrison believes, are
less likely to have occurred if they had remained an unlisted entity.
“IFT is seen as a respected industry leader by the wider public and this not
only lowers our regulatory (and other) risks, but gives us the confidence
to compete on a world stage.”
The Infratil Story
Moral of the story: If you want to compete globally and achieve your goals – aim high. Don’t be afraid to compete with the
world’s highest standards of business practice and governance.
45
BENEFITS OF LISTING
Strengthened Business Infrastructure
Strengthened Business
Infrastructure
The process of listing and influx of capital from public sources
requires a transparent relationship with the marketplace and
introduces the company to a number of new stakeholders
(such as financial analysts, the media, institutional investors
and private shareholders). These stakeholders will expect
an open dialogue with your company.
Increased transparency often acts as a catalyst for companies
to consider making internal changes that strengthen the
organisation’s own systems and processes. Often, the
company’s information infrastructure is strengthened
resulting in improved discipline and management tools.
Going public, therefore acts as an “accelerator” of
improvements, bringing about changes that would have
naturally occurred through growth over the long term.
The areas of company infrastructure that are typically
strengthened when a company becomes listed include:
Strategic planning − regular, consistent, transparent
planning.
Financial controls − clear targets, accountability and
measurement.
Information, performance data and reporting − operating
metrics etc.
Governance and internal audit − more experienced Board
of Directors, better reporting within management.
According to a June 2005 study conducted by the Italian
Exchange1
, entitled “Effects of Listing”, there is significant
evidence of a positive relationship between listing and
business growth. The study shows yearly sales growth rates
for newly listed companies of 18% in the three years following
IPO. Listed companies substantially outperformed similar
companies from the non-listed sector, which averaged 5%
sales growth.
Furthermore, the companies surveyed believe that their
organisation has benefited positively by changes to their
organisation, as a result of listing. In fact over 80% stated that
the changes made as a result of listing have either directly
or indirectly created long term value for their organisation.
1 The effects of listing − Results from the Italian Mid and Smallcaps, A Survey by Borsa Italian, June 2005
“[We have] always been a corner shop dairy trying to be a
supermarket. The listing has changed our culture
[for the better]. We are more organised, more responsible,
more fastidious on record keeping and documentation. It has
definitely put more focus on performance.”
Rob Ford, CEO, Solution Dynamics
47
LISTING IN NEW ZEALAND
Listing with NZX
“There are compelling social and economic
arguments for action to both broaden the distribution and
raise the level of asset ownership in New Zealand. Indeed,
improving New Zealand’s savings and ownership
outcomes is one of the most important and pressing challenges
facing New Zealand, and should be treated as a national priority
for action.”
David Skilling, Creating an Ownership Society in New Zealand, April 2005
49
Listing in New Zealand
Keeping it New Zealand
For New Zealand business owners, especially those
operating in a global economy, there are many options
for your business to fund growth and meet the ultimate
objectives of your owners. Some of these options may result
in your company staying privately owned in New Zealand,
some will result in a listing, some may result in a trade
sale to an international corporation or merger with a larger
offshore corporation.
Clearly every owner has to weigh up their options and act
in the best interests of their shareholders. However, we
challenge New Zealand business owners to consider the
merits of keeping their business owned and operated in
New Zealand.
It is the opinion of NZX – and the wider markets community
– that all business and market participants have a role to
play in securing and protecting New Zealand’s economic
future. Keeping your business New Zealand owned is a way
to contribute to this.
Listing with NZX
At NZX, we firmly believe that New Zealand’s markets serve
the natural talent of New Zealand’s entrepreneurs. Our goal
is to unlock value for more New Zealand companies and
their owners by providing them with access to competitive
sources of capital and to provide New Zealand investors
with a diverse trading marketplace. In 2004 that occurred,
with 17 Initial Public Offers (IPOs) and a total of $774M
raised in equity capital. New Zealand companies are starting
to embrace the opportunities for fuelling growth by listing
here in New Zealand.
Ultimately, we are committed to providing solutions that will
help more New Zealand companies be highly competitive
in the world market, with the ownership and intellectual
capital remaining in New Zealand. We are here for New
Zealand companies. NZX itself is a New Zealand company,
serving New Zealand business.
We set high standards for entry to our markets and rigorously
guard their integrity and transparency.
But we are also a company of innovators.
Our market is small and the unique nature of New Zealand
companies demands we think innovatively about how to
solve problems for real businesses. We like to “break the
mould”, especially when it comes to service delivery. When
your company decides to list, a specific NZX Listing Team
will be appointed to work with you one on one, to ensure
that the listing process runs smoothly and your business
objectives for listing are meet.
LISTING IN NEW ZEALAND
Listing with NZX
Fisher & Paykel Healthcare
Fisher & Paykel Healthcare (FPH) is a recent example
of a New Zealand company with first-hand experience
in listing offshore. FPH listed on the NASDAQ market in
2001 raising 21% of new capital from US investors.
The shares in the US market traded at a premium from
day one, resulting in a substantial sell-down by US
investors who purchased shares in the Initial Public
Offer (IPO). Analyst coverage was limited and liquidity
was centred in New Zealand for the shares, with 4.5
times as many trades occurring in New Zealand in the
first year compared with the first year on NASDAQ.
Fisher & Paykel Healthcare delisted their shares soon
after from NASDAQ, as they were unable to maintain
liquidity momentum post listing. This is one example
of a major New Zealand company who attempted to
maintain an offshore listing, without success.
51
Listing in New Zealand vs Offshore
For many companies who are considering listing, the idea of
listing on an offshore market can at first seem very attractive.
However, what at first may seem a similar opportunity, can
often result in higher long-term costs and investment to
capitalise on the listing benefits.
There are several factors that should be considered carefully
when comparing listing in New Zealand with listing
offshore, these include:
Valuation metrics – P/E rankings for New Zealand
companies listed on NZX’s markets have (as a group)
steadily increased in recent years as New Zealand listed
companies have produced stronger sustainable earnings
growth. Our P/E as a market is now consistently at, or
above, the global median. In addition, offshore and
local investors are beginning to rate NZX’s markets as
equivalent in quality to any globally.
Investor base – Companies who list in New Zealand
generally find they have stronger retail demand for their
shares and a greater interest from institutions looking to
take a long term interest.
Investor relations – Managing relations with investors is
easier due to a higher local profile and proximity.
Coverage – Analyst and media coverage of listed
companies is generally focused on sectors of growth and
value that are relevant to local buyers’ needs and the
local market dynamics.
Profile – Companies who list in New Zealand also have a
greater potential to be included in an NZX index, which
can also increase analyst and media coverage.
LISTING IN NEW ZEALAND
Listing with NZX
More information on these factors is available in NZX’s
“Guide to Listing”. To receive your copy please contact
the NZX Listing Team, email: listings@nzx.com or phone:
+64 4 496 2855.

53
LISTING STORIES
NZX Listing Case Studies

55
42 BELOW
“When we started out we thought we would be big, But now we
reckon we can be bloody big. Listing was an important
ingredient for us.”
Geoff Ross, CEO, 42 BELOW
57
Believe in Big Ideas
Situation
42 BELOW (FTB) is the manufacturer of premium vodka
and gin brands. The company was founded by Geoff Ross
who had an idea to distill vodka in his garage in Oriental
Parade, Wellington. It has now developed award winning
spirits that are stocked by the Ritz in London, Icebergs in
Sydney, Louis V in Paris, Beverly Hills Hotel in LA, and
many more exclusive bars and restaurants worldwide.
When compared with larger more established companies, it
could be said that FTB has a young, daring, and somewhat
(self described) “risk taking” and irreverent culture. Big on
ideas, but without a track record to back them up. But from
the start, FTB had the confidence in their ability to grow.
They had developed a unique idea and brand positioning,
but needed something more substantial to fund their
planned fast paced growth, they required an all important
ingredient – capital.
Solution
FTB found a source for capital when they listed on the
NZSX Market in October 2003. By getting investors to
believe in their ideas and plans they raised $15.5M in IPO
funds. Within the first two years after listing, FTB became
a recognised and respected brand in New Zealand and
Australia, the UK and Singapore. It has strong distribution
in these countries as well as the USA, France and other
parts of Asia.
LISTING STORIES
42 BELOW
In Geoff Ross’s opinion, “Listing was the most effective
option because it solved our need to raise capital, but
without the intrusion of private investors wanting a big
stake in FTB’s product, culture, and business.” Therefore,
listing helped a long-term growth without compromising
the values which the company embodies.
Prior to listing, FTB had three shareholders, now they
have more than three thousand. Geoff believes that “there
has been no downside in sharing the company with the
public, other than trying not to pay too much attention to
the share price! We have a brilliant business, and so we
keep focused on the business. The market takes care of
the share price.”
For FTB, listing has not created any barriers. There are
a few more legal costs and auditing costs because of the
rigorous reporting, but all in all, costs have been minimal.
In terms of compliance and disclosure, Geoff is of the
belief that “it is fine, it is good housekeeping and it is
something that should be done anyway, whether listed
or not. Sometimes there is difficulty in knowing what is
material and what is not, but over time, or with the help of
a good legal team, this can be reported accurately.”
Since listing, FTB has received a lot of publicity – both
nationally and internationally. The brand has featured on
a wide range of media items, from the Sydney Morning
Herald, The Jay Leno Show in USA, BBC Radio in the
UK, and TV ONE Sunday in New Zealand. This increased
publicity has translated into a huge boost in sales.

59
Ross notes that “We can track our publicity through the
listing process, through impact of sales without a doubt,
unquestionably.”
Summary
Listing Date 15 October 2003
NZX Market NZSX
Money raised in IPO $15.5M NZD
Market Cap. (based on issue price) $60.5M NZD
Issue Price $0.501
Prospectus Date 12 September 2003
Security Code FTB
Lead Manager & Organising Participant Direct Broking
Listing Benefits for FTB
Provide fuel to grow
 Unlock value for owners
Provide strategic flexibility
Strengthen company profile and brand
 Create a culture of ownership
 Strengthen business infrastructure
LISTING STORIES
42 BELOW
1
Note: Issue Price includes entitlement to 42 BELOW warrants.

61
JUST WATER INTERNATIONAL LIMITED
“Prior to listing, Just Water didn’t have a brand. Nobody knew
what sort of water cooler they had. Now, I think anyone
you talk to, particularly in business, knows
who Just Water is.”
Tony Falkenstein, CEO, Just Water International
63
Getting Your Head above Water
Situation
Just Water International (JWI) is a group of four New Zealand
drinking-water businesses, Just Water New Zealand, AquaCool, Cool Water and Corporate Water Brands. All businesses
operate in the corporate and government sectors, providing
chilled drinking water through water coolers, and in the
latter case, through custom-branded small water bottles.
But, despite JWI’s solid 15 year track record in New
Zealand and the fact thousands of New Zealanders use
their products everyday, before 2004, hardly anyone knew
of the company, the brand or even what type of water cooler
their company had.
Also, having already purchased Aqua-Cool, Cool Water and
Corporate Water Brands between 2001 and 2004, JWI also
wanted the flexibility to pursue future acquisitions. But as a
privately owned company, capital was received from private
assets – and so was limited.
JWI needed brand recognition and the flexibility to grow.
Solution
With these issues in mind, JWI listed on the NZAX Market
in June 2004.
By undertaking an Initial Public Offer (IPO), they raised
$8.25M capital to use for growth and acquisitions and took
full advantage of the free publicity that listing provided to
raise their brand profile. A successful IPO and extensive
LISTING STORIES
Just Water International Limited
media coverage, with headlines like “Just Water IPO makes
a healthy splash” printed in the NZ Herald, led JWI to
achieve their goals. A previously little known company was
now national news!
Falkenstein says “Many companies don’t realise how
important listing is as a marketing opportunity. When listing,
suddenly there is a mass of free publicity that a company can
capitalise on.” JWI also found listing on the NZAX Market
rather than the NZSX Market beneficial because they are
seen as a “big fish in a small pond.”
JWI found the transition to being a listed company a
relatively easy one. Because Falkenstein had a public
company background, he had always audited JWI with a
view to listing and had been operating almost like a listed
company. They have experienced some increase in legal
costs, but nothing material from their point of view because
as Falkenstein said, “The amount of listing fees it has cost
us, we certainly got back just in branding.”
In solidifying their credibility through listing, Just Water
was also able to provide more security and recognition, not
only to clients and stakeholders, but to staff by offering
shares and supporting the image of the company through
the market. By offering shares to staff, Falkenstein feels
there is a “lot more pride” in the company from staff, more
of a feeling of being a part of a big company.
Falkenstein says his advice to any company on the road to
becoming listed is to “Give yourself some time to really
think through how to position the IPO, and to really leverage
the marketing opportunity out of it.” as Just Water did.

65
Summary
Listing Date 15 June 2004
NZX Market NZAX
Money raised in IPO $8.25M NZD
Issue Price $0.50
Market Cap. (based on issue price) $33.22M NZD
Prospectus Date 7 May 2004
Security Code JWI
Lead Manager & NZX Sponsor Giffney & Jones
Legal Advisor & NZX Sponsor Harmos Horton Lusk
Listing Benefits for JWI
Provide fuel to grow
Unlock value for owners
Provide strategic flexibility
Strengthen company profile and brand
Create a culture of ownership
Strengthen business infrastructure
LISTING STORIES
Just Water International Limited

67
LIVESTOCK IMPROVEMENT CORPORATION
“We want price discovery for our members so that people
can capture some of the value of the company’s assets.”
Stuart Gordon, CEO Livestock Improvement

69
Unlocking Value for Farmers
Situation
Livestock Improvement Corporation Ltd (LIC) is a classic
New Zealand dairy farming cooperative with origins tracing
back to the early 1900s. LIC supplies artificial breeding,
herd testing, and herd recording and advisory services to
approximately 12,000 dairy farmer clients. The cooperative
also supplies services to other New Zealand agricultural
sectors and exports to a number of countries.
LIC has evolved through a number of structures, eventually
becoming a 100% user owned cooperative after the Dairy
Industry Restructuring Act 2001. Initially, shares held by
members in the cooperative could only be bought and
sold between the cooperative members and LIC at their
nominal value of $1.00, a price which was not related to the
current underlying asset value or expectations of earnings.
Additionally, because shares could only be bought and sold
when members entered or left the industry, there was an
imbalance of buyers and sellers. In summary; it was difficult
for farmers to unlock the true value of their investment.
The Board understood it had a problem; they needed to
develop a share structure which would allow the dairy
herd owners the ability to access their capital and unlock
the value of their holdings, in a flexible and efficient
manner. The Board and the National Council (shareholder
representative body) also wanted to ensure shareholders
had membership benefits which would make share trading
easy, at a fairly determined price, for buyers and sellers
LISTING STORIES
Livestock Improvement Corporation
in an open marketplace. Essentially, LIC was seeking a
mechanism which would provide value to members , and a
cost effective share trading solution, to the company.
Options
To achieve their goals, LIC considered several options.
One was to bring the process in-house, to effectively
‘run’ a market themselves. But this was not seen as a core
competency for the cooperative and so the Board felt it
would simply be a distraction from their core business.
For this reason they started to investigate the option of an
external market provider. The NZAX Market was their first
choice as it provided a credible, regulated marketplace with
a network of brokers (NZX Advisors) who could promote
the shares, and increase liquidity.
“I looked around at all the cooperatives and obviously there
was no ‘off the shelf’ solutions, so we looked to set up one
of our own. [Our decision] boiled down to the credibility
and liquidity of the NZAX Market. The NZAX Market has
credibility because it is a regulated market run by NZX.
It is an independent market so trading won’t be done inhouse and directors and officers would be removed from the
process – allowing us to concentrate on our core business.”
said Selwyn Tisch, Company Secretary, LIC.
Solution
When they presented themselves to NZX, LIC was not a
typical listing case. Some creative thinking was required
to address the issue of liquidity. LIC needed to develop

71
a new share structure and to ensure control, shares in the
cooperative would not initially be publicly traded. NZX
worked with LIC to create a tailored solution to fit these
needs.
In April 2004, LIC listed on the NZAX Market and in the
process became the first true cooperative to list with NZX.
They compliance listed as a non-standard issuer with a dual
share structure.
Under the new dual structure, one cooperative control share
and ten fully paid investment shares were allocated for each
nominal $1.00 share held. The shares are not traded among
the general public. The only people who are eligible to own
and trade these shares are dairy herd owners who actively
trade with LIC. There are also prescribed minimum and
maximum numbers of shares which these farmers must
hold, but they are otherwise able to trade their investment
shares.
To enable LIC to list with this structure, NZX made some
amendments to the X-Stream Trading System FASTER
Settlement System in order to enable control shares to trade
in a closed market environment.
NZX Firms can now promote the sale of investment shares
to other members of the cooperative. LIC have found, as
they had hoped, that listing on the NZAX Market with the
dual share structure has led to greater liquidity and price
discovery, enabling shareholders to access fair value for
their investment.
“Cooperatives tend to suffer from lack of transparency of
management performance because they effectively sit on
capital without any public measure on how effectively it’s
being utilised, and what sort of return is being generated to
shareholders. It’s fair to say cooperatives tend to be fixed on
production at least cost, rather than growth, innovation and
efficiency. That’s what this listing has done for Livestock
Improvement – it provides transparency so our shareholders
can really see how their capital is being employed, and
evaluate the level of utilisation. One way they’ll express
that evaluation will be in the trading of shares.” said Stuart
Gordon.
Listing on the NZAX Market has not had any major impact
on the way the business is run internally. Upon becoming a
Cooperative in 2002 they had already experienced a change
in the culture with thinking and attitudes moving from an
organisation principally focused on “industry good”, to a
“commercial enterprise” with shareholders expecting a
return on their investment. Gordon does believe, however,
that listing will improve their profile.
LISTING STORIES
Livestock Improvement Corporation
Figure 6: Each existing shareholders’ allocation went from $1.00 to $4.00
as a result of listing. * Value as at June 2005, 10 Listed Investment Shares
(@$1.46) and 1 control share (@$1)

73
Summary
Listing Date 19 April 2004
NZX Market NZAX
Market Cap. (based on issue price) $44.9M NZD
Last Price (first day of trading) $1.52
Prospectus Date 25 March 2004
Security Code LIC
Lead Manager & NZX Sponsor ABN AMRO Craigs
Legal Advisor & NZX Co-Sponsor Minter Ellison Rudd
Watts
Listing Benefits for LIC
 Provide fuel to grow
Unlock value for owners
Provide strategic flexibility
Strengthen company profile and brand
 Create a culture of ownership
 Strengthen business infrastructure
“Livestock Improvement has always had a high profile in the
national and international rural community, but this listing
will give us a profile and ranking amongst listed companies
which will be an asset with such things as acquisitions,
relationships and alliances both in New Zealand and off
shore”, said Gordon.
The benefits LIC have gained for their own company,
shareholders, as well as for New Zealand through listing are
unprecedented. Leading the way for cooperatives to list,
LIC and NZX have together created an infrastructure and
opportunities for a new breed of cooperatives.
LISTING STORIES
Livestock Improvement Corporation

75
CANWEST MEDIAWORKS
“Listing has brought tangible and intangible
benefits to MediaWorks. The profile of our business has
been raised in New Zealand and the current New Zealand
Government seems happy to be working with a company that is
based in New Zealand with a New Zealand listing, rather than
a 100% overseas entity.”
Brent Impey, CEO, CanWest MediaWorks (NZ) Limited
77
From Global to Local
Situation
CanWest MediaWorks Limited (MWL) operates leading
Radio and television networks in New Zealand. RadioWorks
operates six national brands, as well as 22 regional stations
throughout the country and TVWorks operates New
Zealand’s leading privately-owned free-to-air channel,
the TV3 television network and also the popular youthoriented predominantly music TV channel, C4. MWL is a
subsidiary of the CanWest Global Group, a group of leading
international media companies, and Canada’s largest
integrated media company.
Despite its overseas parent, the company had an obvious
desire and investment in New Zealand’s success. Particularly
as a media company which touches and relies upon many
New Zealanders for its success, MWL wanted to unlock the
value of the company in New Zealand.
At about this time, CanWest Global Group also wanted to
retire some debt in Canada. Listing was an option which
allowed them the strategic flexibility to do both.
Solution
MWL listed on the NZSX Market in July 2004. The
Initial Public Offering (IPO) raised $104.04M immediately
allowing MWL to retire some parent company debt. They
also became a media company based in New Zealand,
listed on the New Zealand market, and focused on New
Zealanders.
LISTING STORIES
Canwest Media Works
Listing gave MWL the opportunity (through profile and
capital) to acquire local companies. Brent Impey, CEO,
MWL, noticed options opening up for them in the local
market soon after listing, “Since virtually day one, we
have been inundated with small business opportunities,
which was something that we probably weren’t expecting.
We have taken up a couple of them including some local
radio acquisitions in the Coromandel and Gisborne”, said
Impey.
MWL benefited enormously from increased media coverage
and a greater profile than before. New Zealander’s are now
more aware of MWL.
The transition to an NZX Listed company, meeting all of the
NZX Listing Rules requirements on corporate governance
and continuous disclosure have been far from onerous in the
company’s point of view. Because their major shareholder
is a North American company, CanWest’s reporting
requirements were already stringent and frequent.
“Familiarising and understanding the NZX Listing Rules
was at times challenging, but competent and experienced
staff at Goldman Sachs JBWere have made the process
easier.” Impey said, “We found it imperative to have a
strong and capable senior management team and really
good advisors to help us along the way.”

79
Summary
Listing Date 29 July 2004
NZX Market NZSX
Money raised in IPO $104.04M NZD
Market Cap. (based on issue price) $346.80M NZD
Issue Price $1.53
Prospectus Date 25 June 2004
Security Code MWL
Lead Manager & Organising Participant Goldman Sachs
JBWere (NZ) Ltd
Listing Benefits for CanWest MediaWorks
 Provide fuel to grow
Unlock value for owners
Provide strategic flexibility
Strengthen company profile and brand
 Create a culture of ownership
 Strengthen business infrastructure
LISTING STORIES
Canwest Media Works

81
PUMPKIN PATCH
“We already had a strong profile and presence in Australasia
and we wanted to seize the opportunity to continue
to grow locally as well as offshore.”
Matthew Washington, CFO, Pumpkin Patch
83
Fuel to go global
Situation
Pumpkin Patch Limited (PPL) is currently one of
Australasia’s leading children’s fashion companies, and
is increasingly recognised as an international brand
representing innovative design and quality product. PPL’s
product range encompasses all stages of a child’s growth −
from baby to toddler, primary school to pre and early teen
− including clothing, nightwear, accessories, rainwear,
footwear and bedroom linen coordinates. It also caters for
Mums-to-be and pre and early teen girls. It is a loved brand
for kids, Mums and Dads alike.
However, it started from small beginnings. Founded in
Auckland in 1990 by Sally Synnott, the business launched
“in the corner of a friend’s office” as a mail-order operation.
This business grew over the next ten years to the stage
where it has company owned retail stores in New Zealand,
Australia and the United Kingdom and it has distribution
agreements in Ireland, the Middle East and the United
States.
But PPL wanted to continue growing its already extensive
chain of retail stores in Australia and New Zealand and
continue to develop markets further afield. The fuel that
was required to continue this growth was an injection of
capital.
Solution
Listing on the NZSX Market in June 2004 provided the
required capital injection.
LISTING STORIES
Pumkin Patch
PPL raised $101.28 M upon listing and have used this, along
with its strong brand, size, customer base and clear goals to
develop its company further. In April 2005, they were in
lease negotiations to enter into the US market through the
opening of PPL stores.
But access to capital was not the only benefit that PPL has
experienced as a result of listing. Before listing, they had
six main shareholders plus a group of about fifty to sixty
employees who held small parcels of shares. Listing has
created liquidity for these shareholders and the price of
PPL’s shares has gone from $1.25 at listing to $2.78 a year
later (as at June 2005).
Listing has also helped PPL foster a closer relationship
with their customers and staff. According to Matthew
Washington, CEO PPL, “a lot of Mums and Dads took
advantage of the Initial Public Offering (IPO) because
they love the product, love the company, love the store. It
helped customers become more of a part of the company.
Our own staff were also given the option to invest in the

85
company shares. Because we already have quite a strong
family culture, this was another way to participate in the
success of the business.”
Listing really hasn’t had any negative impact on the
business, as before listing PPL had a good reporting system,
and strong governance policies in place. Key individuals
spend more time on investor relations, but besides that, the
day to day business has not been affected.
Washington says that “listing really wasn’t as bad as we
thought it would be. We partnered with great people, who
have a strong reputation and past experience, and who
could help distribute shares to their customer base. Plus,
internally we had a strong management team and felt we
were ready.”
Washington advises, “my advice to any business is to PLAN.
Plan in advance, and work out where you may be stretched,
and get the resources in to get the job done. A key factor is
making sure that your management is adequately resourced,
but if you don’t have it, go out and find it… go out and find
someone who has been there before, go out and get the
resource that you need to get the job done. For us, the time
was right, and we were ready.”
Summary
Listing Date 9 June 2004
NZX Market NZSX
Money raised in IPO $101.28M NZD
Market Cap. (based on issue price) $208.14M NZD
Issue Price $1.25
Prospectus Date 14 May 2004
Security Code PPL
Lead Manager & Organising Participant Goldman Sachs
JB Were (NZ) Ltd.
Listing Benefits for Pumkin Patch
Provide fuel to grow
Unlock value for owners
Provide strategic flexibility
Strengthen company profile and brand
Create a culture of ownership
 Strengthen business infrastructure
LISTING STORIES
Pumkin Patch
86
87
DELEGATS
“We saw listing on the NZSX as a way of Delegat’s beyond
family ownership thereby creating a platform for substantial
future earnings growth.
The result of this has been an overwhelming interest in the
operations and performance of our business from the investing
public.”
Jim Delegat, Managing Director, Delegats Group Limited
89
This is Success
Description of Business
Delegat’s Group Limited (DGL) is a leading New Zealand
producer of Super Premium branded wines for the export
and the domestic markets. DGL was owned by the Delegat
family and until the recent IPO, the sole ownership had
been held by Jim and Rosemari Delegat, the descendants
of the wine industry pioneers, Nikola and Vidosava Delegat,
who established Delegat’s in 1947.
DGL is New Zealand’s third largest wine producer and has
a focused portfolio of brands consisting of Oyster Bay® and
Delegat’s®.
DGL’s strategic goal is to lead New Zealand wine category
growth and establish Oyster Bay as one of the world’s Super
Premium wine brands. DGL is focussed on delivering
strong growth in key export markets producing Super
Premium wines from New Zealand’s leading wine regions,
in the varietals for which those regions are internationally
renowned. The Group focus has been to establish itself as
a global marketer of New Zealand super premium wines.
DGL has invested heavily in its brands and distribution
channels, and has established in market sales offices to
support substantial future sales growth. This strategy has
established Oyster Bay as a ‘must stock’ brand with leading
distributors and retailers globally in such markets as the
United Kingdom, EU, USA, Canada and Australia. In the
New Zealand market, both Oyster Bay® and Delegat’s®
are strong brands.
The Group’s wines have a history of winning awards and
being acclaimed by leading wine critics.
Oyster Bay Chardonnay 2005 won a gold medal at the San
Francisco International Wine Competition 2006 and in 2005;
Oyster Bay® Pinot Noir 2004 was the only New Zealand red
wine in its class to be awarded a Gold Medal at the National
Wine Show of Australia. Both Oyster Bay® Sauvignon
Blanc and Chardonnay won ‘World’s Best’ awards at the
prestigious International Wine and Spirit Competition in
1991 and 1995 respectively. Delegat’s® Reserve wines have
also enjoyed considerable success.
Reasons for Listing
The listing on the NZSX in April 2006 provided $45 million
in capital as part of the funding programme designed to
support the continued growth of the Group. Proceeds
of the Issue were used to repay a portion of bank debt,
support the Group’s working capital requirements and the
continued development of its new $73 million state-of-theart Marlborough winery.
After the IPO, DGL’s ownership is still mostly retained by
Jim and Rosemari Delegat, who control about 67 per cent
of the shares on issue. On DGL’s first day of trading, the
company was valued at more than $150 million and today
Delegat’s Group Limited has a market capitalisation of
over $200 million. Of listing, Jim Delegat, the managing
director, has said that listing had been part of the Group’s
strategic plan all along. “This is a great joy to the family.
We are overwhelmed by the interest that has been shown in
the wine industry.” As the Delegat family (both corporate
“This is a great joy to the family. We are
overwhelmed by the interest that has been shown
in the wine industry.”
As the Delegat family (both corporate and literal) watched their
debut on the trading system, to Rosemari’s rhetorical question
“This is tough, isn’t it?” Jim simply replied,
“This is success.”
91
and literal) watched their debut on the trading system, to
Rosemari’s rhetorical question “This is tough, isn’t it?” Jim
simply replied, “This is success.”
Listing Benefits for DGL
“We saw listing on the NZSX as a way of moving Delegat’s
beyond family ownership thereby creating a platform for
substantial future earnings growth.
The result of this has been an overwhelming interest in
the operations and performance of our business from the
investing public.”
Summary
Listing Date 21 April 2006
NZX Market NZSX
Money raised in IPO $45M NZD
Market Cap. (based on issue price) $140M NZD
Issue Price $1.40
Prospectus Date 22 March 2006
Security Code DGL
Lead Manager & Organising Participant Westpac Institutional
Bank and ABN AMRO
Craigs Limited

93
RAKON
RAKON
“the company... had investigated private equity
arrangements and listing on overseas bourses...
Rakon found the NZX market to be the right
size and met the needs of their company. There
was strong investor interest at reasonable
valuation, and it offered a platform for future
equity raisings. NZX also provided the lowest
initial cost and lowest ongoing cost as compared wtih
AIM, NASDAQ and ASX.
”
95
Situation
Rakon manufactures crystals and oscillators, tiny
components that are used as timing references in a myriad
of applications. Wristwatches, fish finders and car navigation
systems are just a few examples of products which require
timing references. The company was founded by Warren
Robinson who first developed this crystal technology in the
basement of his Howick home. Warren in the late 60’s saw the
need for a supplier of crystals in the radio communications
industry. Warren after working in the marine business had
experienced first hand the lack of crystal suppliers and long
delivery times for these much sought after components.
In the 80’s and 90’s his son’s Brent and Darren identified
new and emerging markets for these products. Today
Rakon is a world leader in the development and production
of high performance quartz crystals components used for
timing reference and frequency control in demanding
applications, such as Global Positioning Systems (GPS) and
microwave communications. The company’s head office is
located in Auckland, with offices in Asia, North America
and Europe. Rakon employees approximately 500 people
with the majority based in New Zealand.
But despite supplying to many of the world’s top fortune
500 companies, and well recognised in the global arena,
very little has been known about Rakon by the average
kiwi- until now.
As a privately owned company, capital was limited. Rakon
believes it is well positioned to benefit from the significant
growth which the company considers is likely to occur
should GPS products continue to penetrate the consumer
mass market. Rakon currently supplies over 50% of the
quartz crystals and oscillators used by GPS manufacturers
worldwide. To develop and grow Rakon needed to fund
further growth through investment in plant and equipment,
acquisitions and working capital.
Solution
Rakon managing director Brent Robinson said the company,
along with the float’s lead manager UBS, had investigated
private equity arrangements and listing on overseas
bourses such as the London Stock Exchange’s Alternative
Investment and the United States’ Nasdaq.
Rakon found the NZX market to be the right size and met
the needs of their company. There was strong investor
interest at reasonable valuation, and it offered a platform
for future equity raisings. NZX also provided the lowest
initial cost and lowest ongoing cost as compared with AIM,
NASDAQ, and ASX.
Robinson was pleased the NZ market could meet the needs
as it enabled the family to keep the company in NZ and
enable Rakon employees (the majority of whom are based
in New Zealand) to easily become shareholders.
At listing on May 16th, demand for the initial offer of
41,250,000 shares valued at $66m outstripped supply.
Investors could only purchase shares through firm
allocations, which were quickly met.
“It has been a hot listing, there’s no doubt about that”, said

97
Wayne Stechman, Tower Asset Management’s head of New
Zealand equities, the day after listing.
RAK shares listed at a 37.5% premium at $2.20 a share,
up from the $1.60 issue price, and have continued to rise,
reaching $3.17 recently.
About listing, Robinson said: “It marks an important
milestone in the company’s development. We always said
when we reached a point where we can’t fund it out of the
family that we wouldn’t hold the company back and [would]
look to the capital markets to fund it further.” Robinson
added the company has benefited from the appointment of
independent directors and that higher profile the company
has enjoyed has assisted with the recruitment of high calibre
staff.
One in four employees purchased shares in the IPO,
delighting Robinson as evidence of their commitment and
belief in the company’s future. The Robinson family has
retained a 41.6 per cent stake in the company post listing.
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Summary
Listing Date 16 May 2006
NZX Market NZSX
Money raised in IPO $66M NZD
Market Cap. (based on issue price) $170M NZD
Issue Price $1.60
Prospectus Date 13 April 2006
Security Code RAK
Lead Manager & Organising Participant UBS New Zealand
Limited
“We believe our recent listing stories speak for
themselves. But if you are in any doubt of the merit listing
can bring to your business, we are happy to tailor a presentation
on the value we can unlock for you and your company’s
owners.”
Geoff Brown, Head of Markets and Product Development, NZX
99
NEXT STEPS
For More Information
100
For More Information
If this booklet has sparked your interest in listing, NZX can
provide further resources for your information. The NZX
“Guide to Listing” is an invaluable resource providing
information about:
NZX – Including information about NZX’s markets, history,
participants, indices and the NZX Listing Team.
Listing in New Zealand – Which looks at the benefits of listing
in New Zealand in more detail than in this booklet.
Preparing for listing – Including choice of market,
cultural preparedness, choosing your listing team, steps
to listing, fees and listing communications.
Legal aspects around listing – Including market regulation
and compliance, legal requirements, key legislation and
listing options.
If you would like to receive a copy of this guide or have any
further questions, please contact the NZX Listing Team.
Personalised Presentation
Please contact the NZX Listing Team to organise a
meeting to discuss how listing can benefit your company
(see details below).
NEXT STEPS
For More Information
To contact the NZX Listing Team
Email: listings@nzx.com
Phone: +64 4 496 2855
www.nzx.com