A Capital Opportunity for Israeli Companies
Listing on Toronto Stock Exchange and TSX Venture Exchange


                 ...
Canada and the Canadian Economy



                                  Solid

                                  Stable

    ...
Outline


     Who is TMX Group?


     Toronto Stock Exchange and TSX Venture Exchange


     Our Sector Strengths


    ...
TMX Group is a Multi-Asset Class Market Leader
         Equities                 Derivatives




                         ...
TMX Group has weathered the global capital
market upheaval


    +91% +31% +318%
    S&P/TSX Venture                      ...
TMX Group - Global Leader in Equities

 th
8largest
     exchange
     group
By domestic market cap1



 1st              ...
Understanding the North American Stock Markets
Continuum

                            NYSE

                              ...
Market Comparison: TMX Group, AIM, NASDAQ
     Market Data for 2009 (C$)
                                                 ...
Unique Equity Market Structure



                                      20 graduates in 2009
      2,178 companies        ...
TMX Group Serves Companies at all Stages of Growth
                                   Market capitalization
              ...
International Investment Community Trades
on Toronto Stock Exchange
25 International Brokers including:
Barclays Capital  ...
A Diverse Pool of International Companies are
Listed on TMX Group’s Equity Exchanges
          TMX Group International Lis...
Outline


      Who is TMX Group?


      Toronto Stock Exchange and TSX Venture Exchange


      Our Sector Strengths


 ...
Benefits of Going Public




14
Methods for Going Public on Toronto Stock
Exchange or TSX Venture Exchange




 15
Canadian equity marketplace is ideal for small to mid-cap IPOs

                           Total IPOs in Canada and U.S.

...
Completing an IPO in Canada and Listing on TSX

   Key                                                                    ...
Capital Pool Company™ (CPC) Program has a Strong Track Record




                                   Since inception:
    ...
Why Companies Consider TSX and TSX Venture Exchange




  Unique Public            •   Access to Capital
  Market for smal...
Access to Capital: All time record year for
financing on TSX despite global market challenges

 Equity Financing on Toront...
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Raymond king tsx - a capital opportunity part a

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Transcript of "Raymond king tsx - a capital opportunity part a"

  1. 1. A Capital Opportunity for Israeli Companies Listing on Toronto Stock Exchange and TSX Venture Exchange Raymond D. King, MBA Senior Manager, Global Diversified Industrials Listings Business Development 1
  2. 2. Canada and the Canadian Economy Solid Stable Significant Canada is recognized as a G8 country with surplus budgets 2
  3. 3. Outline Who is TMX Group? Toronto Stock Exchange and TSX Venture Exchange Our Sector Strengths TSX and TSXV Advantage Appendix: Listing Requirements and Fees 3
  4. 4. TMX Group is a Multi-Asset Class Market Leader Equities Derivatives (53% Ownership) (19.9% Ownership) Energy Fixed Income Data (47% Ownership) 4
  5. 5. TMX Group has weathered the global capital market upheaval +91% +31% +318% S&P/TSX Venture S&P/TSX Composite S&P/TSX Diversified Composite Index Index Metals & Mining Index +54% +38% +70% TSX new equity S&P/TSX Capped Info S&P/TSX Energy financing Tech Index Index Index Returns from December 31 2008 to December 31 2009, Source: Capital IQ 5 Equity Financing Numbers YTD December 31 2009
  6. 6. TMX Group - Global Leader in Equities th 8largest exchange group By domestic market cap1 1st in North America 6th largest exchange 2ndglobally group By equity capital raised2 By number of issuers 1 1Issuers on TSX and TSXV (WFE, Dec 2009) 6 2(WFE and Capital IQ, Dec 2009) 6
  7. 7. Understanding the North American Stock Markets Continuum NYSE •Senior listing standards NASDAQ • Disclosure rules • Junior listing standards OTCBB CNQ •Minimal/No listing OTC - Pink standards Sheets 7
  8. 8. Market Comparison: TMX Group, AIM, NASDAQ Market Data for 2009 (C$) TSX TSX and TSX Venture TSXV AIM Nasdaq Number of Issuers Listed 1462 2178 3640 1293 2852 Quoted Market Value (C$ Billions) $1,771.9 $35.8 $1,807.7 $100.8 $3,699.4 Going Public Activity 100 202* 302 36 131 Equity Capital Raised (C$ Billions) $60.0 $4.8 $64.9 $9.8 $121.0 Volume Traded (Billions of Shares) 118.5 46.2 164.7 205.7 N/A Value Traded (C$ Billions) $1,398.4 $16.0 $1,414.4 $59.9 $33,061.8 Number of Trades (Millions) 191.3 5.3 196.6 4.0 3996.4 As at December 31, 2009 8 Source: TSX/TSXV Market Intelligence Group, AIM and Nasdaq Websites, WFE, Capital IQ
  9. 9. Unique Equity Market Structure 20 graduates in 2009 2,178 companies 1,462 companies 45 graduates in 2008 TSX Venture Exchange Toronto Stock Exchange • Access to capital for earlier stage companies • Senior market for well established or smaller financings businesses and management teams with experience in public markets • Total market cap of $36 Billion & average market cap of $16.4MM • Total market cap of $1.8 Trillion & average market cap of $1.2B • Cost effective stepping stone for international companies looking to list on a quality North • 30% of TSX issuers >$500M are interlisted American market on a US exchange • Exchange mandate to mentor management of • Access to larger, more international newly public companies institutional investors and greater analyst • Streamlined graduation to TSX when senior coverage market requirements are met • Globally visible specialized indices • 103 year history • 157 year history 9
  10. 10. TMX Group Serves Companies at all Stages of Growth Market capitalization Toronto Stock Exchange and TSX Venture Exchange Unique feeder system As at December 31, 2009 93% % of TSX Issuers % of TSXV Issuers 451 graduates + 73 M&A* 35% 32% 33% 512 2036 472 6% 478 Issuers Issuers Issuers Issuers 1% 15 127 Issuers *From January 1, 2000 – December 31, 2009 <$50 Million $50 - $250 Million >$250 Million Toronto Stock Exchange issuer base: 1,462 issuers, ~$1.8 trillion market cap TSX Venture Exchange issuer base (excludes NEX): 2,178 issuers, ~$35.8 billion market cap 10 10
  11. 11. International Investment Community Trades on Toronto Stock Exchange 25 International Brokers including: Barclays Capital TSX Average Daily Volume Citigroup (Millions of Shares Traded) CSFB Deutsche Bank Goldman Sachs HSBC 473.2 JP Morgan 435.2 382.1 Macquarie Capital Markets 326.9 Merrill Lynch 220.9 242.7 255.6 Morgan Stanley Raymond James Thomas Weisel State Street 2003 2004 2005 2006 2007 2008 2009 UBS 80 Canadian Brokers including: BMO Nesbitt Burns Canaccord CIBC World Markets ~35% of TSX daily trading originates from GMP Securities International brokers for their institutional RBC DS Scotia Capital Markets and retail clients TD Securities National Bank Financial 11
  12. 12. A Diverse Pool of International Companies are Listed on TMX Group’s Equity Exchanges TMX Group International Listings TMX Group International Listings by Country/Region by Sector Clean UK/Europe, 18, Oil & Gas, 25, 9% Technology, 21, 6% Australia/New 7% Diversified Zealand/Papua Industries, 59, Financial Services China, 50, 18% New Guinea, 33, 21% & Products, 20, 12% 7% South Africa/Africa, 11, 4% Tech, 15, 5% Central & S.America, 9, 3% Life Sciences, 13, 5% Other*, 11, 4% USA, 149, 53% Mining, 128, 46% Total International Listings as at December 31, 2009 = 281 Total International Listings as at December 31, 2009 = 281 TSX = 155 listings, QMV=$74.8B TSX = 155 listings, QMV=$74.8B TSXV =126 listings, QMV= $3.2B TSXV =126 listings, QMV= $3.2B *Other includes Caribbean, Channel Islands, Guernsey 12
  13. 13. Outline Who is TMX Group? Toronto Stock Exchange and TSX Venture Exchange Our Sector Strengths TSX and TSXV Advantage Appendix: Listing Requirements and Fees 13
  14. 14. Benefits of Going Public 14
  15. 15. Methods for Going Public on Toronto Stock Exchange or TSX Venture Exchange 15
  16. 16. Canadian equity marketplace is ideal for small to mid-cap IPOs Total IPOs in Canada and U.S. Average amount raised during IPO (2009) U.S. markets: US$396.8 million TSX: US$69.5 million TSX Venture: US$4.0 million Canada 233 USA 208 197 199 187 165 158 145 94 96 81 80 63 31 2003 2004 2005 2006 2007 2008 2009 Source: Hoovers IPO Central 16
  17. 17. Completing an IPO in Canada and Listing on TSX Key Week Events 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Planning Planning Meeting Securities Filing Comments from Securities Response to File Final Commission Drafting Preliminary Prospectus Prospectus Commissions Comments Prospectus Submission Listing & TSX Conditional Advisory with TSX Filing " initial documents" Commencement Application Approval for Listing of Trading Legal Ongoing Legal Work Due Due Diligence by Underwriters, including formal review sessions with Management, Counsel and Auditors Diligence Preparation of Marketing Documents and Roadshow Presentation Investor Presentations Marketing Institutional One-on-One Meetings Pricing Pricing Closing and Closing Settlement 17 *Assumes concurrent financing
  18. 18. Capital Pool Company™ (CPC) Program has a Strong Track Record Since inception: •Over 2050 CPCs were created •80% have completed their QT – over 1600 companies •329 Graduates now trade on TSX •96 of the grads were CPCs 18
  19. 19. Why Companies Consider TSX and TSX Venture Exchange Unique Public • Access to Capital Market for small • Liquidity to mid cap tech companies • Visibility 19
  20. 20. Access to Capital: All time record year for financing on TSX despite global market challenges Equity Financing on Toronto Stock Exchange and TSX Venture Exchange 1997 to 2009 ($ Billions) 70 64.9 60 60.0 52.2 58.8 50 49.7 47.6 46.2 40 41.8 40.8 31.5 32.5 35.3 30 25.9 25.5 27.3 22.0 29.1 28.4 25.9 19.2 25.8 20 23.1 15.5 20.9 19.2 15.5 11.1 10 7.9 6.1 5.5 4.8 4.1 2.4 1.1 1.4 2.4 0 1997 1998 1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Toronto Stock Exchange TSX Venture Exchange 20 *TSX Venture Exchange commenced operations on November 29 1999

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