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01 June 2001
News Release
COMMISSION CONSULTS WITH MARKETS OVER EXEMPTION FOR OFFERS OF SECURITIES IN TAKEOVER BIDS
The Securities Commission is considering whether to grant an exemption from securities law for those who offer securities in takeovers bids (known as "scrip offers").
Proposals for possible exemptions are set out in a discussion paper sent today to interested parties for comment.
The Takeovers Code comes into force on 1 July 2001. Both takeovers law and securities law will apply from that date.
The discussion paper asks whether the Commission should exempt people who offer securities as part of a takeover bid under the Takeovers Code from complying with any of the rules of law about the registered prospectus and investment statement.
Both the Securities Act and the Takeovers Code provide for disclosure of information and impose penalties for non-compliance.
The paper presents four proposals for discussion. It has been sent to a wide range of market participants including brokers, listed companies, lawyers, accountants and industry associations.
The paper "Offers of Securities in Takeover Bids" can be viewed and downloaded from www.seccom.govt.nz. The Commission is seeking comment by 15 June 2001.
Contact: Catherine Chapman phone (04) 471 7659
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