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Press Release
: : 10 December, 2004

Bakery franchise operator Brumby's has welcomed the announcement that the Bendigo Stock Exchange and the Newcastle Stock Exchange have executed a non-binding heads of agreement which commits both parties to work towards a merger.

The move came just days after Brumby's celebrated its share price lifting from $0.55 to $0.95 in the 12 months since it listed on the BSX in December 2003.

Brumby's managing director Michael Sherlock said he strongly supported the merger plan of the two stock exchanges.

"A merger would produce a more robust market for small micro-cap companies like Brumby's,'' Mr Sherlock said.

"The combination of the BSX and NSX would give investors more confidence about such secondary markets and give Brumby;'s shareholders greater access to liquidity.''

Since listing on the BSX 12 months ago, the market for Brumby's has reflected strong buyer support and limited selling with turnover of 850,000 shares.

In that period, Brumby's market capitalisation has risen from $6,737,066 to $11,636,749, an increase of $4.9 million.

In a statement, NSX chairman Raymond Whitten and BSX chairman Geoffrey Barrow jointly announced the signing of a heads of agreement committing both partners to work towards a merger.

"The directors of both companies agree there is an excellent opportunity to create a viable, solid securities exchange that is complementary to Australia's primary market, the Australian Stock Exchange (ASX),'' they said.

"Small business is the engine of Australia's economic growth and it is essential that we have an efficient structure that provides liquidity of securities and creates the market to raise capital to enable these businesses to expand.

"Both businesses see there is a clear demand and need to provide capital flows to the smaller sectors within our growing economy.

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Brumby's Bakeries
Brumby’s is a specialty bread retailer and one of Australia’s leading franchise networks. There are currently more than 280 franchises throughout Australia and New Zealand, employing more than 3,500.

For more info about Brumby's and how to become a franchisee, visit

Michael Sherlock
Brumby's Managing Director
Ph. 0061 7 3368 3466
Mb. 0061 412 747 111


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