Issue 10

CodeWord Issue 10 - September 2003

In this issue

Independent Advisers – Lowe Corporation and Rule 20

On 9 October 2002 Lowe Corporation Limited (Lowe) made a full takeover offer under the Code for all the shares in Blue Sky Meats (N.Z.) Limited (Blue ...

Buyback Class Exemption – TrustPower

In March 2003 TrustPower Limited (TrustPower), an electricity generating and retail company based in Tauranga, made a pro-rata buyback offer to purcha...

Rule 6(2) – Associates – Designer Textiles and Gould Holdings

Rule 6(2) has provisions designed to ensure that the fundamental rule is not defeated by the manner in which company shareholdings are structured.

De...

Associates – Aggregation of Holdings – Designer Textiles and Rutherford Family

The question of association between the Rutherford family and Mr Gould did arise in connection with various acquisitions of shares in DTL itself by me...

Initial Public Offering – Jade Exemption

The IPO class exemption (clause 7, Takeovers Code (Class Exemptions) Notice (No 2) 2001) relates to voting rights obtained through initial public offe...

Underwriting – GPG and Tower

In July 2003 Tower Limited (Tower), a Code company, was undertaking a recapitalisation through making a large pro rata rights offer to existing shareh...

Defensive Tactics – Toll and Tranz Rail

The Panel dealt with two issues involving alleged or possible defensive tactics being used by the directors of Tranz Rail Holdings Limited (Tranz Rail...