• About
• Publications
• Exemptions
• Notices
• What's new?
• International
• Speeches
• Information for investors
• Contact us
• Site map
• Home

Summary of

Securities Act (Dominion Finance Holdings Limited) Exemption Notice 2004

2004/119

Gazetted on 13 May 2004
Expires on 31 October 2004

Effects of the exemption
The registered prospectus and investment statement for a share offer by Dominion Finance Holdings Limited are not required to contain information about three existing shareholders (who are selling shares they own as part of the offer) as issuers of the shares.

Background
Dominion Finance intends to issue a registered prospectus and investment statement for an offer of shares to the public. The offer will consist of up to 5 million new ordinary shares, and up to 10 million ordinary fully paid shares allotted to Terence Maxwell Butler, Robert Barry Whale and Ann Kathleen Butler. The offer price will be $1 per share.

The exemption
Dominion Finance, Terence Maxwell Butler, Robert Barry Whale and Ann Kathleen Butler and their representatives are exempted from regulations 3(1) and 7A(1) of the Securities Regulations 1983, to the extent that those provisions require a registered prospectus or investment statement to contain information about Terence Maxwell Butler, Robert Barry Whale, and Ann Kathleen Butler as issuers of the shares.

Conditions
The exemptions are subject to the conditions that the registered prospectus and investment statement

• describe the effect of the exemptions; and
• state that Dominion Finance, Terence Maxwell Butler, Robert Barry Whale, and Ann Kathleen Butler are issuers of the shares, and have obligations as issuers under the Securities Act 1978 and the Securities Regulations 1983.

Reasons
When Part II of the Securities Act 1978 applies to an offer of previously allotted securities to the public, both the person offering the securities and the original allotter of the securities have a responsibility for the offer as issuers.

Information relating to the offerors is unlikely to be useful to potential investors in considering whether or not to subscribe for shares in Dominion and may be confusing.

The conditions of the exemptions require potential investors to be advised that the offerors remain legally responsible as issuers.