Dated at Auckland this 30th day of August 2004.
The Common Seal of the Takeovers Panel was affixed in the presence of:
J C King,
Statement of reasons
The Takeovers Panel has granted an exemption from rule 6(1) of the Takeovers Code (the Code) to Michael Joseph Buczkowski, Shale Chambers, John Gregory Collinge, Warren James Kyd, and Karen Annette Sherry in respect of their respective appointments as trustees of the Auckland Energy Consumer Trust on 31 October 2003, which resulted in the trustees each becoming the holders or controllers of all the voting rights in Vector Limited (Vector).
The Takeovers Panel has also granted an exemption from rule 6(1) of the Code to any person who is appointed a trustee of the Auckland Energy Consumer Trust if the appointment will result in the person holding or controlling, or being deemed to hold or control (by the operation of rule 6(2)(b) of the Code), an increased percentage of voting rights in Vector. This exemption applies to acts or omissions occurring on or after 3 September 2004 and expires on 31 July 2009.
The Takeovers Panel considers that it is appropriate to grant the exemptions because the trustees of the Auckland Energy Consumer Trust exercise control over that trust’s voting rights in Vector—
The Takeovers Panel considers that the exemption is consistent with the objectives of the Code because the appointment of a trustee in the Auckland Energy Consumer Trust would not, in substance, represent any change in the control of that trust’s shares in Vector.