Weldon's bet on Clear Grain Exchange was 'highest-risk strategy'

Wed, 04 May 2016

By Sophie Boot May 4 (BusinessDesk) - NZX's acquisition of Clear Grain Exchange in 2009 was a high-risk strategy that assumed it could add value to the barely profitable Australian business even though former chief executive Mark Weldon had been told it could take five to 10 years to make money, the Wellington High Court was told. Counsel for Ralec, Tim North QC, cited internal NZX documents from the time to build his argument that Weldon saw the grain exchange as a vehicle to expand by creating an 'Agri-Bloomberg' valued at between A$750...

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