CNSX Markets shareholders on 15 August approved the Canadian Securities Exchange’s (CSE) proposed all-cash offer to acquire the National Stock Exchange of Australia (ASX:NSX).
At last week’s meeting, the bidder condition that requires CNSX shareholders to approve the execution of the scheme implementation deed and deed poll was passed, paving the way for the deal to go ahead.
CNSX Markets, which is the operator of the CSE, has been an investor in the NSX since 7 May 2025 and entered into a scheme implementation deed to acquire the 88-year-old Australian bourse, as revealed by this news service.
The first court date was on 1 August 2025 and the implementation of the scheme is expected on 15 September.
NSX is being advised by legal advisors HWL Ebsworth.
The NSX unanimously recommends shareholders accept the offer in the absence of a superior proposal. Each NSX director is voting all of the shares they own or control in favour of the scheme.
The bid for the NSX comes amid rising frustrations by many junior mining companies with the larger Australian Securities Exchange (ASX) and its enforcement of the rules, particularly the varied interpretation of those that relate to disclosure, as reported.
CSE Chief Executive Richard Carleton sees an opportunity to mirror some of the exchange rules and regulations, including disclosure practices, of the CSE and tailor them towards juniors at the NSX.
Speaking exclusively to Mining.com.au in May this year, Carleton says one of the challenges in Australia is there is one main exchange – and essentially one rule book regardless of whether a company is a major or an early stage exploration company.
The National Stock Exchange is the second largest exchange in Australia and home to listed companies that are valued from $500,000 to several billion dollars. The average amount of capital raised on the NSX per offer is $8.6 million.
NSX offers investors a number of advantages, including some unique investment opportunities, while enabling investors to further diversify their investments.
Should it go ahead, the acquisition will enable the CSE to expand its geographic footprint by partnering with an exchange that has a similar focus and culture. Like the CSE, the NSX is primarily focused on early stage, entrepreneurial companies, with particular strength in the resource sector.
The NSX is positioned to disrupt a market currently dominated by an incumbent, legacy exchange, as the CSE was over 20 years ago, says Carleton.
Write to Adam Orlando at Mining.com.au
Images: NSX
