Outcome of NZSE demutualisation vote expected tonight

NZSE spokeswoman Melissa Jenner said the special meeting to discuss the exchange's demutualisation was likely to begin about 5pm, following the annual meeting at 4.30pm.

"We would expect the meeting to take at least 1-1/2 hours, it may take longer depending on the level of discussion," Ms Jenner said.

The NZSE would release details of the vote following the meeting.

The members will vote on restructuring the exchange, and a second motion to offer chief executive Mark Weldon a share option scheme.

The second vote, which offers Mr Weldon 5 per cent of the new company over five years provided the demutualised company performed well, would be irrelevant if members voted against restructuring.

If the 300-plus members vote in favour -- the threshold is at least 75 per cent -- the NZSE will replace the existing mutual structure with a conventional corporate shareholding model.

The NZSE would become a limited liability company and was expected to list on the exchange early next year.

Ms Jenner said the votes to be cast by proxy for absent members were still being counted this morning, but "we're expecting a fairly healthy turnout".

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