This note is not part of the notice, but is intended to indicate its general effect.
This notice, which comes into force on the day after the date of its notification in the Gazette, exempts persons who issue or allot shares to any specified person, or to Fletcher Challenge Limited, from Part 1 of the Overseas Investment Regulations 1985. The term specified person is defined to mean a company which is an overseas person under the regulations but which would not be an overseas person if Fletcher Challenge Limited were not an overseas person.
The notice exempts Fletcher Challenge Limited and specified persons from the requirements of Part 2 (except regulation 16) of the regulations (which relates to take-overs by overseas persons) and from Part 3 of the regulations (which relates to the acquisition by an overseas person of assets used in carrying on a business).
The notice also exempts persons from compliance with regulation 16 in relation to any contract or agreement which provides for the transfer of shares in a company to a specified person or to Fletcher Challenge Limited.