About the Panel

The Takeovers Panel (Panel) has approved the granting of a class exemption in respect of the new stepping-stone equity securities market operated by Catalist Markets Limited (respectively, the Class Exemption and Catalist Market).  

The Catalist Market is targeted at small growth companies with the purpose of facilitating the primary issuance and secondary market trading of debt, equity, and managed products.

The Panel granted the Class Exemption to help reduce the regulatory compliance costs for issuers on the Catalist Market. In general terms, the Class Exemption applies in relation to companies which are “Code companies” solely by virtue of being listed on the Catalist Market, but that were not Code companies immediately before listing on the Catalist Market and have less than 50 shareholders and 50 share parcels and/or are not at least “medium-sized” as defined in the Takeovers Code.^[1]

The Class Exemption can be viewed here.

Media contact

Andrew Hudson | Chief Executive

P: (04) 815 8452 | M: 021 815401

E: andrew.hudson@takeovers.govt.nz

Footnotes:

^[1] See rule 3A(3A) of the Code.