The Sydney Stock Exchange (SSX), Australia’s alternative tier-one listing venue, announced its new CEO, Mr. Michael Go, and strategy during the week of Dec 16, 2019, as it accepted its first listing applications from Australian cleantech energy company AGEO Resources and Australian medical technology company ANNSCA Medical.
CEO Michael Go, who joined the SSX this year from an international career in finance, said the new strategy was designed to support up-and-coming Australian companies and bring more benefits of competition to the Australian market, in the spirit of ‘co-opetition.’ He reported, “Our focus is on growth companies – businesses that have a track record and are looking to take the next step but may not be big enough to easily list on a main bourse. By fostering growth in this sector we think we can add new depth and vibrancy to the listed landscape and bring fresh options to the market.”
Mr. Go noted that the SSX’s first accepted listing application, AGEO Resources, was a perfect example of the exchange’s new approach. “AGEO Resources is a local company that has developed technology here in Australia to supply clean energy. Their geothermal system is clever, clean and forward-thinking – exactly the type of company we want to foster so they don’t have to go offshore to find capital.”
AGEO Resources CEO, Romolo Bertani, said the SSX’s focus on smaller companies, as well as ESG principles, had been deciding factors in its plans to go public on the SSX. He shared, “As a small company with big ambitions, we feel a synergy with SSX and we are impressed by their ESG goals which are in alignment with ours. We are very much looking forward to listing next year, and appreciate the support they have provided us.”
ANNSCA Medical comes to SSX as it plans US distribution of a new low-cost medical device to assist people suffering disabilities and obesity. Mr. Go said the company’s ESG-based approach and locally-based development aligned well with SSX’s overall strategy. SSX Chairman Peter Rollason stated, “The Board had been very impressed with Mr. Go’s achievements. Michael has brought fantastic energy and renewal to the business. Our pipeline of potential listings has grown to more than 50 from a standing start, and we look forward with excitement to 2020 and beyond.”
Mr. Go acknowledged that the venue had not fulfilled its license potential in the past but the time was right for its new approach. He explained, “We know there is plenty of demand for the products and services we can offer. We are different because we are focused on listing smaller companies; we have a six-week listing process; and we are the only Australian exchange with a dedicated ESG board. We are well funded for the long game and committed to building a thriving ecosystem for great Australian businesses. Everyone loves a turnaround story and in 2020 that story will be the SSX.”
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Kristin Westlake: kwestlake@thecontinuumpartners.com
