Most Read Contributor in New Zealand, September 2016
New NZX Main Board/Debt Market Listing Rules, to come into
effect on 1 January 2014, will streamline some processes for
issuers and fix a number of typographical and other errors.
The changes largely reflect the consultation
papers published in March 2012 and May 2013. Chapman
Tripp's submissions are available
here and here.
Boards will only need to make a determination whether a
director is an independent director after the issuer's annual
meeting, if the director's independence status was not
disclosed in the issuer's most recent annual report.
NZX approval will not be required for offer documents for
unquoted securities. NZX may also determine that approval is
not required in respect of certain other offer documents, the
example given being employee share schemes.
Offer documents must include a description of the arrangements
that a security holder would need to have in place to trade the
securities on the Main Board or the Debt Market. We are aware
that a number of issuers have already included this information but
making it a requirement will ensure a consistent standard across
All convertible securities must either be approved on issue or
conversion by an ordinary resolution of the existing shareholders,
unless the security fits within one of the other thresholds in Rule
7.3 which allows for conversion without shareholder
The requirements for excluding overseas security holders from
bonus or rights issues or dividend reinvestment plans have been
clarified and guidance provided on when these will apply.
Rule 7.12.1 will require an announcement to be released upon
the issue, acquisition or redemption of quoted securities or, if
the issuer already has equity securities quoted, any further equity
securities (whether quoted or not). The information required
in the Rule 7.12.1 announcement has also been amended.
It is worth noting that further amendments will likely be
required to the Listing Rules next year, as the Financial Markets
Conduct Act takes effect.
The information in this article is for informative purposes
only and should not be relied on as legal advice. Please contact
Chapman Tripp for advice tailored to your situation.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The RBI, on March 31, 2016, has notified the Foreign Exchange Management (Establishment of a Branch office or a liaison office or a Project office or any other place of business) Regulations, 2016 in India...
The committee set up to draft a Code on Resolution of Financial Firms, by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016...
The distressed assets situation in India has gradually worsened over the past few years. The stressed loans issue in banks has resulted from a combination of factors including :-
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).