Securities Act (Contact Energy Limited) Exemption Amendment Notice 2008

  • expired
  • Securities Act (Contact Energy Limited) Exemption Amendment Notice 2008: expired, on 1 November 2013, pursuant to clause 3 of the Securities Act (Contact Energy Limited) Exemption Notice 2003 (SR 2003/310).

Reprint
as at 1 November 2013

Coat of Arms of New Zealand

Securities Act (Contact Energy Limited) Exemption Amendment Notice 2008

(SR 2008/419)

  • Securities Act (Contact Energy Limited) Exemption Amendment Notice 2008: expired, on 1 November 2013, pursuant to clause 3 of the Securities Act (Contact Energy Limited) Exemption Notice 2003 (SR 2003/310).


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This notice is administered by the Financial Markets Authority.


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).

Notice

1 Title
  • This notice is the Securities Act (Contact Energy Limited) Exemption Amendment Notice 2008.

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

3 Principal notice amended
4 Expiry
  • Clause 3 is amended by omitting 2008 and substituting 2013.

Dated at Wellington this 24th day of October 2008.

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

[Seal]

J Diplock,
Chairperson.


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 (Contact Energy Limited) Exemption Notice 2003 (the principal notice) by amending its expiry date from 31 October 2008 to 31 October 2013.

The principal notice exempts Contact Energy Limited (Contact), and the NZX Firm that it appoints to act as its broker, from sections 37 and 37A of the Securities Act 1978 and from the Securities Regulations 1983, other than regulation 8. The principal notice concerns a dividend reinvestment plan (referred to in the principal notice as a share top-up plan), under which certain smaller shareholders of Contact can choose to convert dividends to be paid to them by Contact into previously allotted shares in Contact. The notice is subject to a number of conditions.

The Securities Commission considers that it is appropriate to extend the term of the principal notice because—

  • there is no economic difference between the types of dividend reinvestment schemes exempted by the Securities Act (Dividend Reinvestment) Exemption Notice 1998 (a class notice involving newly issued shares) and the share top-up plan provided in the principal notice (which involves previously allotted securities):

  • the share top-up plan gives all eligible shareholders the option of easily reinvesting dividends without incurring brokerage or other charges:

  • there will be no dilution of existing shareholdings because the share top-up plan involves only previously allotted securities.


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

Date of notification in Gazette: 30 October 2008.


Reprints notes
1 General
  • This is a reprint of the Securities Act (Contact Energy Limited) Exemption Amendment Notice 2008 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2 Legal status
  • Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, will have the status of an official version once issued by the Chief Parliamentary Counsel under section 17(1) of that Act.

3 Editorial and format changes
4 Amendments incorporated in this reprint
  • Securities Act (Contact Energy Limited) Exemption Notice 2003 (SR 2003/310): clause 3