Quarterly Activities Report
Sydney, Jan 31, 2024 AEST (ABN Newswire) - NSX Limited (ASX:NSX) is pleased to provide its Activities Report and ASX Appendix 4C Cashflow Statement for the period ended 31 December 2023 (2Q24).
Group Cash Flow Activities Report
- Cash at the end of the quarter was $1.222 million (with $0.212 million restricted).
- During the quarter $43K in cash receipts were received from customers with the majority of annual operating cash inflows received in the September quarter.
- Cash payments for administration costs for the quarter were $651K, which is an increase of $30K when compared with September quarter ($621K). Administration expenses in the December quarter include significant payments made for:
o Payment to NASDAQ OMX $237K for trading engine maintenance;
o Payment to Nexon Asia Pacific Pty Ltd $79K for IT services;
- Cash payments to staff and the Board (staff costs) for the period were $366K, which is a decrease of $68K when compared with September quarter ($434K). This is primarily due to the timing of PAYG payments to the ATO.
NSX Limited Corporate Activities
- Related party payments totalled $146K which includes Directors' fees paid in the quarter of $95k and payment to Authenticate of $51K.
KSA Mining and Minerals Exchange Activities
On 13 October 2022 the Company announced that Ajlan & Bros Mining Co., Ltd. and NSX Limited, had signed a Term Sheet for a Joint Venture Agreement for the purpose of establishing the Kingdom of Saudi Arabia Metal and Mining Exchange.
In summary the following key points are of note during the period:
- Saudi Arabia are undertaking reviews for the introduction of competition in the market.
- Before the JV agreement can be executed the parties are awaiting the completion of that review.
- Due to ongoing conditions in the Middle East and regulatory priorities, we expect to receive further updates on the progress of the proposed venture late in the first quarter of 2024.
ClearPay Joint Venture Activities
- The Company continues to review licensing options for the Joint Venture.
National Stock Exchange Activities
- The activities of the Company's wholly owned subsidiary, National Stock Exchange of Australia ("NSXA"), involved business as usual processing of new admission suitability for listing applications and market operations.
- NSXA continues to engage with ASIC concerning the changes to the rules for Market Integrity rules requirements.
- The market environment for new listings continues to be challenging including increased competition, availability of funds to Issuers for public offerings and general economic conditions.
- NSXA receives enquiries and suitability for listing submissions and these activities can take time to progress depending on the applicant and the documentation submitted until the issuer is ready for admission and quotation of their securities.
- The NSXA continues to position itself as the venture and emerging companies exchange, creating a clear differentiation from other Australian markets and marketing to issuer advisers and relevant capital raising groups.
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About NSX Limited
NSX Limited (ASX:NSX) via its wholly owned subsidiary National Stock Exchange of Australia Limited (NSXA) operates the Tier 1 Licensed stock exchange facility for the listing of equity securities, corporate debt and investment scheme units. The company is also involved in trading and settlement activities.