Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 2) 2004

Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 2) 2004

(SR 2004/375)


Note

This notice is administered by the Securities Commission.


Pursuant to the Securities Act 1978, the Securities Commission gives the following notice (to which is appended a statement of reasons of the Securities Commission).

1 Title
2 Commencement
  • This notice comes into force on the day after the date of its notification in the Gazette.

3 Specified overseas issuers
  • Schedule 1 of the principal notice is amended by inserting, after the item relating to Clemenger Communications Limited, the following item:

    Danfoss A/S (a company incorporated under the laws of Denmark)

Dated at Wellington this 26th day of October 2004.

The Common Seal of the Securities Commission was affixed in the presence of:

CAN Beyer,

Member.

[LS]


Statement of reasons

This notice, which comes into force on the day after the date of its notification in the Gazette, amends the Securities Act (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 to name Danfoss A/S as a specified overseas issuer for the purposes of that notice.

The Securities Commission has adopted criteria for the naming of an overseas company as a specified overseas issuer. These are that the company should—

  • be incorporated in a jurisdiction specified in Schedule 2 of the principal notice; and

  • have in place arrangements for eligible shareholders to sell their shares, either through an alternative or internal market or through a repurchase facility, where the Commission considers the arrangements provide adequate liquidity for shareholders and adequate information to assist shareholders' decision making.

The Securities Commission considers it appropriate to name Danfoss A/S as a specified overseas issuer because—

  • Danfoss A/S is incorporated in Denmark, a jurisdiction named in Schedule 2; and

  • the Securities Commission considers that the internal market and repurchase facilities put in place by Danfoss A/S provide sufficient liquidity and information to adequately protect shareholders.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 28 October 2004.


  • 1 SR 2002/329