New Zealand Legislation: Regulations

5 Requirements for issuers before exemptions apply

• Clause 8(1)(b) is amended by revoking subparagraphs (ii) to (iv) and substituting the following subparagraphs:

  • “(ii) equity securities or units (as the case may be) issued by the issuer of the new security were quoted on a specified securities market at the time of the offer and allotment of the convertible security, and also at the time of the offer and allotment of the new security; and

  • “(iii) the convertible security was quoted on a specified securities market on allotment, and remains quoted on a specified securities market for the period that it is current; and

  • “(iv) the new security is quoted on a specified securities market on allotment.”