New Zealand Legislation: Regulations
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Add to web feed 2010/50
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).
This notice is the Takeovers Code (Biovittoria Limited) Exemption Amendment Notice 2010.
This notice comes into force on the day after the date of its notification in the Gazette.
This notice amends the Takeovers Code (Biovittoria Limited) Exemption Notice 2009.
Clause 3 is amended by omitting “31 March 2010”
and substituting “30 June 2010”
.
Clause 6(a) is amended by omitting “1 March 2010”
and substituting “1 June 2010”
.
Dated at Auckland this 24th day of February 2010.
The Common Seal of the Takeovers Panel was affixed in the presence of:
[Seal]
D O Jones,
Chairperson.
This notice, which comes into force on the day after its notification in the Gazette, amends the Takeovers Code (Biovittoria Limited) Exemption Notice 2009 (the principal notice).
In the principal notice, the Takeovers Panel (the Panel) granted an exemption to the trustees of the Avalon Trust from rule 6(1) of the Takeovers Code (the Code) in respect of an increase to their voting rights in Biovittoria Limited (Biovittoria). The exemption is subject to the condition that the trustees dispose of 100 000 shares in Biovittoria before 1 March 2010. This notice extends the time for compliance to before 1 June 2010.
The Panel considers that it is appropriate and consistent with the objectives of the Code to grant the extension for the following reasons:
due to the failure of Biovittoria's initial public offering, the market for its shares is considerably less liquid than the Panel had anticipated at the time the exemption in the principal notice was granted:
the deadline for selling the shares is being extended only for a limited period.
Date of notification in Gazette: 4 March 2010.
This notice is administered by the Takeovers Panel.
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