Panel Declines Exemption Request from Ngai Tahu Holdings

18 December 2003

On 15 December 2003 the Panel sought the views of shareholders of Shotover Jet Limited on a possible exemption for Ngai Tahu Holdings Corporation Limited in relation to its recently announced takeover offer for the shares in Shotover Jet Limited that it does not already own.

The exemption would have allowed Ngai Tahu a longer period than the 30 days provided in the Code between the time of becoming dominant owner of Shotover Jet (should it do so) and the time it must send an acquisition notice to those shareholders who had not accepted the Ngai Tahu offer.

The Panel received 14 submissions, mostly from or on behalf of larger shareholders in Shotover Jet Limited. The Panel is grateful to respondents for making their submissions in such a short time frame. Most submissions opposed the granting of an exemption by the Panel.

The Panel has declined the request for an exemption. The Panel considered that it was inappropriate, particularly given the strong views of those who made submissions, to change the timing rules of the Code for a takeover that has in effect been underway for some time.