NZX files lawsuit over 2009 Clear Grain Exchange purchase
Stock exchange operator NZX has filed a law suit over its 2009 purchase of the Australian Clear Grain Exchange.
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Stock exchange operator NZX has sued some of the parties related to its purchase of the Australian Clear Grain Exchange in 2009.
The lawsuit is against Ralec Commodities, Ralec Interactive, Grant Thomas, Dominic Pym and other related parties.
It is to be heard in the Wellington High Court and relates to claims under the October 2009 sale and purchase agreement.
The claims are for breach of warranty and related claims, and are made to protect NZX's commercial interests, the exchange said in a statement.
NZX spokeswoman Rowan Macrae could not provide further details of the suit, including the amount it was for, or a copy of it.
However, she did confirm that “the parties related to Relac were originally parties related to Clear”.
Relac is an anagram of Clear, and both organisations share the same Melbourne street address.
The Clear Grain Exchange website lists Mr Thomas as its managing director, while Mr Pym's own website describes him an an entrepeneur who founded Clear Grain Exchange, Clear Interactive and Clear Commodities.
When it bought the grain exchange in 2009, NZX paid AUD$6.4 million.
At the time NZX chief executive Mark Weldon said the transaction brought together two key components of NZX's strategy: trading of agricultural commodities and acquiring technology development expertise to expand markets.
The deal deal combined Clear's technology development expertise and grain market knowledge with NZX's expertise in developing markets and distributing market data and information, Mr Weldon said.
Clear Grain Exchange is the Australian grain industry's only full-service electronic market for the trading of grain.
It also provides a full suite of back office, settlement and payment services.
Colin Williscroft
Tue, 05 Jul 2011
Tue, 05 Jul 2011
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NZX files lawsuit over 2009 Clear Grain Exchange purchase
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