Unless otherwise determined by NZX, minimum holdings shall be calculated as follows:
(a) In relation to equity securities (shares), a holding with a market price at the relevant time of:
NUMBER OF UNITS | PRICE (BOTH FIGURES INCLUSIVE) |
2000 | Where the price does not exceed 25 cents |
1000 | Where the price exceeds 25 cents but does not exceed 50 cents |
500 | Where the price exceeds 50 cents but does not exceed $1 |
200 | Where the price exceeds $1 but does not exceed $2 |
100 | Where the price exceeds $2 but does not exceed $5 |
50 | Where the price exceeds $5 but does not exceed $10 |
25 | Where the price exceeds $10 |
(b) In relation to rights to equity securities, the number that would, upon exercise, convert to a minimum holdings as specified in (a).
(c) In relation to debt securities, a holdings with $5000 or $10,000 principal amount.
(d) In relation to any other securities, a holding with $1000 face value.
Where the minimum holding requirement is met at the time of order submission or order execution but, due to a price variation or corporate action, is no longer met on the settlement date, the trade will not proceed.
Where this occurs Invest Direct will contact you. At this point you will have two options:
Purchase additional shares to raise the parcel above the minimum holding
Reverse the transaction.