New Zealand Legislation: Regulations

6 Conditions of exemption in clause 5

• The exemption in clause 5 is subject to the conditions that—

  • (a) the prospectus—

    • (i) states the initial subscription price; and

    • (ii) states the initial offer period; and

    • (iii) describes the procedure for fixing the subsequent subscription price; and

    • (iv) states when the subsequent subscription price is expected to be fixed; and

    • (v) states how an investor may ascertain the subsequent subscription price; and

    • (vi) describes how subscriptions for the specified securities must be paid by subscribers; and

    • (vii) states how any overpayments of the subsequent subscription price will be treated, and describes the procedure for refunding overpayments; and

    • (viii) describes how subscriptions for the specified securities will be held by Elson Ross pending allotment of the specified securities; and

  • (b) if the prospectus, investment statement, or an advertisement relating to the offer of the specified securities refers to this notice or to the exemption granted by clause 5, that prospectus, investment statement, or advertisement also states that—

    • (i) it is not the function of the Securities Commission to approve investments or the terms of offers of securities; and

    • (ii) the Securities Commission has not expressed a view about investment in the specified securities or the terms of the offer of the specified securities.