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Summary of
Securities Act (OM-IP Companies) Exemption Amendment Notice 2004
2004/454
Gazetted on 16 December 2004
Effects of the exemption
This notice extends the expiry date of the Securities Act (OM-IP Companies) Exemption Notice 1999 (the 'principal notice') to 31 December 2004. The principal notice allows OM-IP companies, subject to conditions, to offer shares in New Zealand using prospectuses that comply with Australian law.
Background
The OM-IP companies are registered in Australia as overseas companies, and so are required to comply with Australian securities law. The companies are not able to rely on the Securities Act (Australian Issuers) Exemption Notice 2002 as they are incorporated in the Cook Islands.
The exemption
The expiry date in clause 1(3) of the principal notice is extended from 16 December 2004 to 31 December 2004.
Reasons
Certain OM-IP companies are issuers in relation to an offer for which subscriptions close on 10 December 2004. The extension will allow those issuers to complete allotments of the securities subscribed for under that offer in an orderly fashion.
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