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04 May 2009
The Takeovers Panel has published a consultation paper on one of the class exemptions for buybacks contained in the Takeovers Code Class Exemptions Notice. The particular class exemption allows a person, who together with associates holds or controls more than 20% of a Code company, to increase their percentage control with appropriate shareholder approval by not selling into the buyback.
The Panel wishes to ensure that the class exemptions relating to buybacks operate effectively and efficiently. For this purpose the paper discusses the operation of this class exemption, identifies some issues in relation to it and then sets out a range of potential options for addressing the issues. The Panel identifies its preferred option.
The issues identified by the Panel, include:
The Panel invites comment on the options, especially its preferred option using the questionnaire in the consultation paper.
The consultation paper is available on the Panel's website at www.takeovers.govt.nz
Closing date for submissions is 12 June 2009.