To know the real motives behind NZX's $33 million spend-up, one should get his hands on its rights issues prospectus details, which includes the controversial purchase of a rural publisher.

As of now, three acquisitions are held underway by the stock exchange operator, which includes electricity and gas market operator M-Co, a 50.1% stake in Australian stock exchange company NSX and Country-Wide Publications.

The total cost of these estimates at $33.7 million. NZX is taking on debt for the first time through a bank facility, and also use the $20.55 million proceeds from the five for one rights issue in order to fund them.

The rough estimate of the total purchase comes to a full year of NZX's revenue (based on its 2008 results) and three years of net profit after tax.

"It's also just less than NZX's entire equity at December 31 of $34.5 million," reads the prospectus which also reports that the acquisition of Country-Wide is consistent with NZX's strategy to add product lines and synergies to its existing agricultural data and media businesses.

(Via TopNews New Zealand. Contributed by Girish Kumar Guha)