CodeWord Issue 12 - June 2004

In this issue

Independent expert appointed

The Panel was required to appoint an independent expert for the purposes of rule 57 of the Code for the first time in March 2004.

The independent exp…

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Clause 20 – Disclosure of valuations

Three recent incidents have highlighted the meaning and importance of clause 20 of Schedule 2 of the Code (which contains the requirements of the targ…

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Panel intervenes in takeover

Restaurant Brands Limited received a takeover notice on Friday 14 May 2004 from King Win Laurel International Limited, a company based in Auckland.


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Exemptions from Rule 22

The Panel has recently received queries about circumstances in which it might grant an exemption from the requirement for an independent adviser’s rep…

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Panel considers allegations of defensive tactics

The Panel recently considered an allegation of defensive tactics made by Rubicon Limited in relation to the actions, or inactions, of the directors of…

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Directors Certificates – Trans Tasman Properties

The Panel recently granted an exemption which recognised the difficulties that can arise when a person has executive positions in both a bidder and a …

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Professional Underwriters Class Exemption

Underwriting is an established feature of capital market activity in New Zealand which the Panel believes it should facilitate by appropriate exemptio…

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The Panel Meets the Markets

Although the Takeovers Panel is a Crown Entity with its offices in Wellington, it likes to keep in touch with the market and to hear market participan…

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Technical Amendments to the Code

The Panel recommended a number of technical changes to the Code to the Minister of Commerce late last year. These recommendations followed the Panel’s…

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