Takeovers Code (Metlifecare Limited) Exemption Notice 2009

  • expired
  • Takeovers Code (Metlifecare Limited) Exemption Notice 2009: expired, on 17 November 2009, by clause 3.

Reprint
as at 17 November 2009

Crest

Takeovers Code (Metlifecare Limited) Exemption Notice 2009

(SR 2009/172)

  • Takeovers Code (Metlifecare Limited) Exemption Notice 2009: expired, on 17 November 2009, by clause 3.


Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This notice is administered by the Takeovers Panel.


Pursuant to section 45 of the Takeovers Act 1993, the Takeovers Panel gives the following notice (to which is appended a statement of reasons of the Takeovers Panel).

Notice

1 Title
  • This notice is the Takeovers Code (Metlifecare Limited) Exemption Notice 2009.

2 Application
  • This notice applies to acts or omissions occurring on or after 17 June 2009.

3 Expiry
  • This notice expires on the close of 16 November 2009.

4 Interpretation
  • (1) In this notice, unless the context otherwise requires,—

    acquisition means the proposed acquisition by Macquarie Capital International Holdings Pty Limited, a company incorporated in Australia, from Macquarie Financial Products Management Limited, also a company incorporated in Australia, of that company's legal and beneficial interest in the special shares

    Act means the Takeovers Act 1993

    Code means the Takeovers Code under the Act

    Metlifecare means Metlifecare Limited

    special shares means 1 fully paid A special share and 1 fully paid B special share in the capital of RVNZ Investments Limited.

    (2) In this notice, a reference to a person increasing voting control is a reference to the person becoming the holder or controller of an increased percentage of the voting rights in Metlifecare.

    (3) Any term or expression that is defined in the Act or the Code and used, but not defined, in this notice has the same meaning as in the Act or Code.

5 Exemption from rule 6(1) of Code
  • The following persons are each exempted from rule 6(1) of the Code in respect of any increase in their voting control in Metlifecare as a result of the acquisition:

    • (a) Macquarie Capital Group Limited, a company incorporated in Australia:

    • (b) Macquarie Capital International Holdings Pty Limited, a company incorporated in Australia:

    • (c) Macquarie Financial Holdings Limited, a company incorporated in Australia.

Dated at Wellington this 16th day of June 2009.

The Common Seal of the Takeovers Panel was affixed in the presence of:

[Seal]

K J O'Connor,
Member.


Statement of reasons

This notice applies to acts or omissions occurring on or after 17 June 2009 and expires on the close of 16 November 2009.

The Takeovers Panel (the Panel) has granted an exemption to Macquarie Financial Holdings Limited (MFH), Macquarie Capital Group Limited (MCG), and Macquarie Capital International Holdings Pty Limited (MCIHPL) in respect of any increase in the percentage of voting rights in Metlifecare Limited (Metlifecare) held or controlled by each of them.

Macquarie Bank Limited (MBL) holds the legal interest in 1 fully paid A special share and 1 fully paid B special share (special shares) in the capital of RVNZ Investments Limited (RVNZI) as bare trustee for Macquarie Financial Products Management Limited (MFPML). The special shares carry certain rights to appoint directors to RVNZI.

RVNZI holds or controls 81.96% of the voting rights in Metlifecare.

The bare trust will be terminated and the legal interest in the special shares will be transferred to the beneficiary, MFPML. MFPML, which is ultimately wholly owned by Macquarie Group Limited, will transfer the legal and beneficial interest in the special shares to MCIHPL, which is also ultimately wholly owned by Macquarie Group Limited. The transfer of special shares will result in MCIHPL, and therefore MFH, and MCG, holding or controlling more than 20% of the voting rights in Metlifecare.

The Panel considers it appropriate and consistent with the objectives of the Code to grant the exemption because—

  • the transfer of the special shares will not result in an effective change of control of Metlifecare; and

  • the shareholders in Metlifecare will not be disadvantaged by not having the opportunity to vote on the transfer of the special shares; and

  • the exemption would maintain a proper relationship between the costs of complying with the Code and the benefits arising from that compliance.


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

Date of notification in Gazette: 25 June 2009.

This notice is administered by the Takeovers Panel.


Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)


Notes
1 General
  • This is a reprint of the Takeovers Code (Metlifecare Limited) Exemption Notice 2009. The reprint incorporates all the amendments to the notice as at 17 November 2009, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that have yet to come into force or that contain relevant transitional or savings provisions are also included, after the principal enactment, in chronological order.

2 Status of reprints
  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared
  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989
  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • omission of unnecessary referential words (such as of this section and of this Act)

    • typeface and type size (Times Roman, generally in 11.5 point)

    • layout of provisions, including:

      • indentation

      • position of section headings (eg, the number and heading now appear above the section)

    • format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • format of dates (eg, a date formerly expressed as the 1st day of January 1999 is now expressed as 1 January 1999)

    • position of the date of assent (it now appears on the front page of each Act)

    • punctuation (eg, colons are not used after definitions)

    • Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • case and appearance of letters and words, including:

      • format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • small capital letters in section and subsection references are now capital letters

    • schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • running heads (the information that appears at the top of each page)

    • format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)
  • Takeovers Code (Metlifecare Limited) Exemption Notice 2009 (SR 2009/172): clause 3