CodeWord Issue 11 - March 2004

In this issue

How the Code applies to lock-up agreements

Lock-up agreements are permitted by the Code and the policies that underpin it. These include lock-up agreements which occur before a bid is made (pre...

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Exemptions for Schemes of Arrangement

Last year the Panel formulated a policy on exemptions for schemes of arrangement effected under the Companies Act 1993. The policy explains the circum...

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Scrip offers

Scrip offers can provide difficulties for a bidder in two areas. First, small shareholders may receive unmarketable parcels of scrip. Second, overseas...

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Fees for Section 32 Meetings

Section 32 of the Act is the primary section under which the Panel takes enforcement action for possible breaches of the Code. The Takeovers (Fees) Re...

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Richmond / PPCS – class exemption

This exemption arose as a result of orders made by the High Court in respect of proceedings brought against PPCS Limited concerning two parcels of Ric...

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Dominion Retail / Tri-City – misleading offer document

During December 2003 the Panel determined that a mistake in an offer document, which made the statement of the offer price ambiguous, was a breach of ...

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Cedenco / SK Foods – compulsory acquisition exemption

In August 2003 SK Foods International made a takeover offer for all the shares in Cedenco Foods Limited that it did not own. The takeover offer was su...

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Underwriters Exemption Review

As part of its function to keep the law relating to takeovers under review the Panel has been considering the continued appropriateness and effectiven...

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