Takeovers Panel publishes Annual Report 2019

Published 25 November 2019

The Takeovers Panel today announced the publication of its annual report for 2019.

The Panel monitored 23 transactions and Code company schemes of arrangement during the year. Takeovers Panel Chair, Andy Coupe said, “Monitoring takeovers transactions and enforcing the Takeovers Code is always the Panel’s highest priority. Continued high levels of compliance were maintained in the market this year. In addition, the Panel managed its resources flexibly to carry out its policy development and public education activities”.

The Panel’s Chief Executive, Andrew Hudson, noted the positive feedback the Panel has received over the year from its stakeholders. The Panel maintains an online survey to get feedback from its stakeholders. One hundred percent of the respondents said they were satisfied overall with the Panel’s processes and with its professionalism. “This is excellent feedback for the Panel. Our stakeholders have told us that we are responsive and efficient. Our challenge is to maintain this high level of performance into next year and beyond,” Mr Hudson said.

The Panel was also pleased to see the culmination of its recommendations for amendments to the Takeovers Code that it made in March 2017. In October 2018, changes to the Takeovers Code came into force to clarify the Code’s timing rules and to facilitate and prioritise electronic communication. In addition, amendments to the Takeovers Act 1993 worked their way through Parliament and will come into force in the near future. These amendments introduce a financial threshold to the definition of unlisted Code company.

 

Media contact:

Andrew Hudson, Chief Executive

E: andrew.hudson@takeovers.govt.nz

DDI: (04) 815 8452