On May 19, 2025, NSX Limited, operator of the National Stock Exchange of Australia (NSX), announced it entered into a Scheme Implementation Deed with CNSX Markets Inc. (CNSX), operator of the Canadian Securities Exchange (CSE), to acquire all remaining NSX shares it does not already own. CNSX currently holds approximately 4.85% of NSX’s issued capital. Under the scheme of arrangement, NSX shareholders will receive AUD 0.035 per fully paid ordinary share and AUD 0.00035 per partly paid share. This represents premiums of 59% over the pre-announcement close, 52% over the one-month VWAP, and 67% over the three-month VWAP. At the prevailing exchange rate of 1 AUD ≈ 0.90 CAD in May 2025, the offer equates to approximately CAD 0.0315 per share.

If approved by shareholders, ASIC, and the courts, the scheme is expected to be implemented by mid-September 2025, after which NSX plans to delist from the ASX. CNSX also extended a standby loan facility of up to AUD 1 million to NSX to support interim operations. The deal is expected to enhance NSX’s financial capacity, technology infrastructure, and competitiveness as an alternative listing venue.

HWL Ebsworth Lawyers is serving as legal advisor to NSX on the transaction.