ASX launches new tool to stoke investor interest

The Australian Securities Exchange and cash-strapped junior exploration companies are hoping a new stock market tool will encourage investors to get more involved in capital raisings.


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Grey - thanks for the comment. The ASX BookBuild facility enables brokers and companies to target demand with the use of the Priority Book. The Priority Book (selected by the lead manager) gets preferred allocations if they are willing to match the final price - which is set by the lead manager & company. So, there's no loss of control, but the company gets to see demand from the entire market and make its pricing and allocation decision in light of that demand. This means that boards that are "very, very focussed on who is allotted shares" get to maintain control. The facility is built to address this need. We're happy to brief any company that wants further information. ASX is not "doing bookbuilds", its providing a venue for primary capital raising in the same way that it provides a venue for secondary trading...that venue, ASX Trade, does an average of $4.1 bln of trades per day. Its a great way to both address the issues of control that you've raised, while maximising demand and price. Many thanks to all the companies that have supported us to get to launch today over the last 5 years.

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