Takeovers Panel
Proposed Amendments to the Takeovers Act: Defining a Code Company
EXPLANATORY MEMORANDUM

Recommendations to the Minister of Commerce From the Takeovers Panel
13 June 2008

PROPOSED AMENDMENTS TO THE TAKEOVERS ACT:
DEFINING A 'CODE COMPANY'

PROPOSED AMENDMENTS TO THE TAKEOVERS ACT:
DEFINING A 'CODE COMPANY'
Introduction
Executive summary
Proposal A: Changing 'specified company' to 'code company' in the TA's definition
The issue
Alternative options
Analysis of preferred option
Recommendation
Proposal B: Start with the Code, finish with the Code
The issue
Alternative options
Analysis of preferred option
Recommendation
Proposal C: Clarifying '50 or more shareholders'
The issue
Alternative options
Analysis of preferred option
Recommendation
Proposal D: 50 or more shareholders - only holders of voting securities?
The issue
Alternative options
Analysis of preferred option
Recommendation
The overall recommendation
Proposal E: The section 8 issue
The Issue
Alternative options
Analysis of preferred option
Recommendation
Table One

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