CodeWord Issue 29 - September 2011

In this issue

Marlborough Lines Limited and Horizon Energy Distribution Limited

IntroductionThe unsuccessful partial offer for Horizon Energy Distribution Limited (Horizon) made by Marlborough Lines Limited (Marlborough) in Septem…

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New Class Exemption – Fair Scaling of Acceptances of Partial Offers

The Panel has granted a new class exemption in relation to partial takeover offers.[1] The exemption came into effect on 12 August 2011.

The exemptio…

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Target Company Statements – Directors’ Disclosure Obligations – Specialist Advice

The Directors of a target company are responsible for preparing the target company statement (TCS) in response to a takeover offer.[1] The TCS must co…

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Offeror’s Intentions for the Business Activities of the Target Company – Panel’s Expectations for Disclosures in Offer Document

A takeover offeror’s offer document must contain all of the information specified in Schedule 1 of the Code, stated as at the date of the offer.[1] Cl…

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Law Changes Under Regulatory Reform Bill 2010 Move Forward

In June 2008, the Panel recommended to the Minister of Commerce that minor amendments be made to the Takeovers Act. These amendments will be made when…

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Appointments to the Panel and Executive Team

The Panel is pleased to announce four new appointments to the Panel and a number of changes within the Panel executive team.

The PanelFour new member…

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