This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 1 June 2013, amend the takeovers code (the code). The amendments are technical only and arise out of discussion papers by the Takeovers Panel (the Panel) and recommendations to the Minister of Commerce in the period 2009 to 2012. Those documents are available on the Panel's Internet site at http://www.takeovers.govt.nz
Principally, the regulations make amendments to—
improve processes in the code’s regime for partial takeover offers. The amendments relate to the procedure for shareholder approval of certain partial offers, clarify the position of custodians who accept offers on behalf of persons who do not hold shares directly in the target company, and provide additional information to shareholders in partial offers:
enhance the information provided to shareholders in target companies, such as information about the likelihood of changes to the target company and the status of conditional offers during the offer period:
remove drafting anomalies and inconsistencies in the text of the code. This will improve public understanding and reduce the number of exemptions granted by the Panel.
The code came into force on 1 July 2001. The Panel has administered the code since then and, from time to time, becomes aware, through its interaction with participants in the takeovers market, of problems which leave the code less effective and efficient than it could be. The current regulations represent the third time that the Panel has made recommendations to the Minister on changes to the code.
Date of notification in Gazette: 26 April 2013.
These regulations are administered by the Ministry of Business, Innovation, and Employment.