2019/47
Pursuant to sections 45(1)(c) and 45A(3) of the Takeovers Act 1993, the Takeovers Panel, being satisfied of the matters set out in section 45(6) of that Act, gives the following notice.
This notice is the Takeovers Code (Class Exemptions) Notice (No 2) 2001 Amendment Notice 2019.
This notice comes into force on 15 March 2019.
This notice amends the Takeovers Code (Class Exemptions) Notice (No 2) 2001 (the principal notice).
(1)
In the heading to clause 5, replace “6 months” with “12 months”.
“6 months”
“12 months”
(2)
In clause 5(2)(b), replace “6 months” with “12 months”.
In the heading to clause 6, replace “6 months” with “12 months”.
In clause 6(2)(a), replace “6 months” with “12 months”.
In the heading to clause 8, replace “6 months” with “12 months”.
In clause 8(5), replace “6 months” with “12 months”.
In the heading to clause 8A, replace “6 months” with “12 months”.
In the heading to clause 8B, replace “6 months” with “12 months”.
In the heading to clause 8C, replace “6 months” with “12 months”.
In the heading to clause 9, replace “6 months” with “12 months”.
In clause 9(3)(a), replace “6 months” with “12 months”.
In the heading to clause 10, replace “6 months” with “12 months”.
In clause 10(3)(a), replace “6 months” with “12 months”.
In Schedule 1AA, after Part 2, insert the Part 3 set out in the Schedule of this notice.
cl 12
In this clause, notice means the Takeovers Code (Class Exemptions) Notice (No 2) 2001 Amendment Notice 2019.
Clauses 5 and 8 to 8C, as in force immediately before the commencement of the notice, continue to apply, as if the notice had not been made, to increases in voting control occurring before that commencement.
(3)
Clauses 6, 9, and 10, as in force immediately before the commencement of the notice, continue to apply, as if the notice had not been made, to decreases in voting control occurring before that commencement.
Dated at Auckland this 4th day of March 2019.
R A Coupe,Chairperson.
This notice, which comes into force on 15 March 2019, amends the Takeovers Code (Class Exemptions) Notice (No 2) 2001 (the principal notice) to extend, from 6 months to 12 months, the permitted time to—
eliminate an increase in voting control in accordance with clauses 5 and 8 to 8C of the principal notice; or
increase voting control after a decrease in accordance with clauses 6, 9, and 10 of the principal notice.
The Takeovers Panel (the Panel) considers it appropriate to amend the principal notice and considers the amendments to be consistent with the objectives of the takeovers code, because the amendments—
help ensure that compliance with the conditions of the exemptions in clauses 5 to 10 is practicable; and
fit within current Panel policy settings for the capital markets; and
maintain a proper relationship between the costs of compliance with the takeovers code and the benefits resulting from it.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 12 March 2019.
This notice is administered by the Takeovers Panel.