Media Release 18 August 2009

Big move on NSX, Waislitz grabs 16.8pc

Source: www.afr.com

Alex Waislitz, son-in-law of late billionaire Richard Pratt, has become the largest shareholder in the NSX. Operator of the Bendigo and National stock exchanges, through his company Thorney Investment Group, as pressure mounts on the Rudd government to grant new market licenses in Australia.

A subsidiary of Thorney, Tiga Trading, has lodged a substantial shareholder’s notice showing it has bought 6,345,589 NSX shares through an on-market transaction, which is believed to include Bendigo Bank’s total holding of 5,585,640 shares at 22cents each, to take its stake to 16.8 percent.

NSX, which has a market value of $18.6 million, has been the subject of takeover interest and its share register includes a list of well known industry figures such as Mr. Waislitz, Ron Brierley’s Guinness Peat Group and veteran trader Brian Price.

While Thorney declined to comment, it is understood the company believes stock exchanges do well in the current environment and, because there are few to invest in, NSX provides a good entry.

In June the New Zealand Exchange (NZX) failed to acquire a controlling stake in NSX for $11.8 million. NSX is viewed by some as a potential method of entry into the Australian market that does not rely on the federal government, which has yet to decide whether to grant new licences. Three other operators ” Liquidnet, Chi-X and AXE ECN ” have been waiting more than 18 months for a ruling on their applications.

It is understood Chi-X will meet Financial Services, Superannuation and Corporate Law Minister Chris Bowen by the end of August, when a decision on granting a market licence will be made.

NSX shares closed steady at 25 cents.

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