Abstract
Both markets have a relatively relaxed capital raising regime, with New Zealand listed entities able to issue up to 20 percent of share capital without preemptive rights over a 12-month period. In Australia, large cap listed entities are able to issue up to 15 percent of share capital without preemptive rights in a 12-month period; following an ASX rule change in August 2012, mid and small cap listed entities are now able to issue up to 25 percent of share capital without preemptive rights over the same period.
