Dated at Wellington this 3rd day of May 2005.
The Common Seal of the Securities Commission was affixed in the presence of:
Statement of reasons
This notice, which comes into force on the day after the date of its notification in the Gazette and expires on 31 May 2010, exempts Matapo Limited from sections 33(3), 37, 37A, and 51 to 54B of the Securities Act 1978 and the Securities Regulations 1983 (except regulation 8), subject to conditions, in respect of the offer of certain securities offered by Matapo Limited.
The exemption will enable Matapo Limited to offer to members of the public in New Zealand interests in a residential subdivision in Fiji known as the Momi Bay Resort near Nadi, with accompanying membership rights in a body corporate, without the need for a registered prospectus and investment statement for the securities. Matapo Limited would also be exempted from the register, record keeping, certificate, and on-request information requirements of the Securities Act 1978.
The Securities Commission considers that it is appropriate to grant the exemptions because—
the exemptions are consistent with the policy of previous exemptions that the Commission has granted in relation to residential property developments, including 2 class notices, the Securities Act (Residential Property Developments) Exemption Notice 1999 and the Securities Act (Estates and Interests in Australian Land) Exemption Notice 2002; and
the securities involved in these developments confer ownership rights in residential lots and rights to use the communal facilities in a residential development. The conditions of the exemptions require that the body corporate holding the communal facilities is not managed so as to earn distributable profits (subject to setting aside prudent reserves). Rather, the purpose of the issuers is to allow the owners of residential lots to participate in the control of the communal facilities.