Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 4) 2008

2008/451

Crest

Securities Act (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 4) 2008

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 (Overseas Employee Share Purchase Schemes) Exemption Amendment Notice (No 4) 2008.

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

4 Schedule 1 amended
  • Schedule 1 is amended by inserting the following item in its appropriate alphabetical order: Talgentra Pacific Group Pty Ltd (a company incorporated under the laws of Australia).

Dated at Wellington this 16th day of December 2008.

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

[Seal]

C A N Beyer,
Member.


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 (Overseas Employee Share Purchase Schemes) Exemption Notice 2002 (the principal notice) to name Talgentra Pacific Group Pty Ltd (Talgentra) as a specified overseas issuer for the purposes of that notice.

The Securities Commission has adopted criteria for considering applications for the naming of an overseas company as a specified overseas issuer. These are that the company should—

  • be incorporated in a jurisdiction specified in Schedule 2 of the principal notice; and

  • have in place arrangements for eligible persons to sell securities acquired by them under the employee share purchase scheme, either through an alternative or internal market or through a repurchase facility, where the Securities Commission considers the arrangements provide adequate liquidity for security holders and adequate information to assist their decision making.

The Securities Commission considers it appropriate to name Talgentra as a specified overseas issuer because—

  • Talgentra is incorporated in Australia, a jurisdiction named in Schedule 2 of the principal notice; and

  • the Securities Commission considers that the arrangements for an event triggering the security holders' rights to exit the scheme provide sufficient liquidity and sufficient information to adequately protect the security holders.


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

Date of notification in Gazette: 18 December 2008.

This notice is administered by the Securities Commission.