Dated at Wellington this 4th day of May 2010.
The Common Seal of the Takeovers Panel was affixed in the presence of:
C G Giffney,
Statement of reasons
This notice applies to acts or omissions occurring on or after 1 April 2010 and expires on the close of 31 August 2010.
The trustees of the Delegat's Share Protection Trust (the Protection Trust), Jakov Nikola Delegat, Rosamari Suzan Delegat, and André Gaylard, hold or control 33.81% of the voting rights in Delegat's Group Limited (Delegat's).
André Gaylard intends to retire as a trustee of the Protection Trust. On his retirement Robert Lawrence Wilton will be appointed as a trustee.
The Takeovers Panel has granted an exemption from rule 6(1) of the Takeovers Code (the Code) to Robert Lawrence Wilton in respect of any increase in the percentage of voting rights in Delegat's held or controlled by him as a result of his appointment as a trustee of the Protection Trust.
The Takeovers Panel considers that it is appropriate and consistent with the objectives of the Code to grant the exemption because—
the shareholders of Delegat's would not be disadvantaged in not having the opportunity to vote on Mr Wilton's appointment as trustee since it would not have any real effect on those shareholders:
the appointment relates to a reorganisation of a private family trust and the Code is not intended to inhibit the restructuring of family trusts that have no effect on the shareholders of a Code company:
the exemption avoids any unnecessary compliance costs that would be incurred if the exemption were not granted.