Rosemary Kennedy, Managing Director of ASX BookBuild, which has raised over $100m in its maiden year, discusses her involvement in a 4 year journey to provide listed companies with an ASX facility to stimulate demand, narrow pricing discounts, and improve governance of allocations.
The ASX BookBuild Facility was launched in October 2013. It allows companies seeking to raise capital to reach every eligible investor, using existing ASX securities market infrastructure. This is a world first both in terms of the technology deployed and the adoption by a market operator. ASX BookBuild has patents sealed in 10 countries and pending in 55.
The development of the facility marks the first time that companies can raise capital on-market. Previously, all capital raisings occurred off-market, in a private process conducted by brokers and investment banks. This was irrespective of whether a company was already listed or was seeking to list via an initial public offer. The facility ensures that issuers meet the highest levels of corporate governance in capital raisings and increase the price at which new shares are issued.
It has had the support of Tony Shepherd past-chair of the BCA, the Australian Shareholder’s Association, and the Australian Institute of Company Directors, amongst other leading peak bodies.
About the Speaker:
Rosemary has significant financial market experience working for both public and private sector organizations in a broad range of roles including market regulation, market development, policy development and trading.
As Senior Manager, Exchange Market Operators at the Australian Securities Investment Commission (ASIC) Rosemary’s teamwas responsible for the oversight of licensed market operators and for evaluating the regulatory impact of proposed new markets. During her time at Australian Financial Markets Association (AFMA) Rosemary worked on policy and projects including the implementation oftransparent procedures to produce accurate, secure and timely debt securities information.
As National Manager, Trading Market Development at Australian Securities Exchange (ASX) Rosemary led a business development team who were responsible for assessing the viability of new products and opportunities for ASX. She was instrumental in the development of the ASX Interest Rate Market; ASX electricity and commodity futures markets; CHESS Depositary Interests; DvP for IPO’s; and was the ASX nominee director on the board of IRESS.
Rosemary began her career in the debt capital markets and was head of government bond proprietary trading at UBS. Rosemary has developed a unique blend of investment banking knowledge, exchange market operations, product development, and regulatory insights.