New Zealand Legislation: Regulations

6 Exemption for overseas company's employee share scheme securities exchanged for other overseas company's employee share scheme securities

• Each overseas company, every holder of employee share scheme securities previously allotted by that overseas company, and every person acting on behalf of any or all of them are exempted in relation to the demerger scheme from sections 33(2), 33(3), 37, 37A, 38A, and 51 to 54B of the Act and the Regulations (except regulation 8) in respect of any employee share scheme securities of which that overseas company is the issuer if—

  • (a) the employee share scheme securities are of a class that is unquoted on a specified exchange but are issued by an overseas company that has issued quotation securities; or

  • (b) the employee share scheme securities are offered or allotted as the whole or part of the consideration for the cancellation or lapsing of all or any employee share scheme securities of which another overseas company is the issuer; and

  • (c) the employee share scheme securities of which that other overseas company is the issuer are unquoted on a specified exchange but other securities of that other overseas company are quotation securities.