March 2006
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March 2006 |
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The Securities Legislation Bill is expected to introduce various amendments to New Zealand securities laws (including the Takeovers Code) by the end of April 2006. The key changes to the Takeovers Code are:
The other changes, in respect of jurisdiction for misleading/deceptive conduct affecting takeovers and greater enforcement power to the Takeovers Panel will be passed but to be operative later in 2006. Also certain transitional provisions may be of significant practical use in that existing acquisition arrangements, as at date of Code amendments, will not be required to be undertaken in compliance with the new takeover rules.
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| TAKEOVERS PANEL |
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Recent activity from the Takeovers Panel included:
In our opinion a recent address of the Chair of the Takeovers Panel suggested that in light of the Oyster Bay cases directors of target companies need to "lift their game".
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| SECURITIES COMMISSION |
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With the Securities Legislation Bill expected to be passed by the end
of April the Commission has issued a Discussion Document
on the Securities Legislation Bill Regulations. The proposed regulations will cover four areas:
Submissions are due 21 April 2006.
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| FINANCIAL REPORTING RELAXATION SIGNALLED |
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Commerce has indicated a relaxation of the rules which
will allow more companies to be exempted from reporting
requirements. Especially welcome will be the new
ability of certain overseas companies to, for the first
time, access an exemption from reporting requirements.
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| NZX REGULATORY |
As
indicated in the last edition of New Zealand Mergers and
Acquisitions there are changes proposed to the Listing
Rules. Submissions have been made, and now await
finalisation with the Minister of Commerce. The
more significant proposed changes include:
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| COMMERCE COMMISSION |
The Commission
has recently granted clearance for acquisitions
involving the following markets:
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| TRANS-TASMAN BUSINESS LAW - ONE PROSPECTUS (in most cases) |
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Representatives of New Zealand and
Australia signed a revised memorandum reaffirming both
countries commitment to better co-ordinate the law
affecting trans-Tasman business. In particular the
agreement on mutual recognition of securities offerings
is due to be implemented shortly. Hopefully by the
end of 2006 at least!
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| EMPLOYMENT / M&A ISSUES |
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If you would like assistance in this area please email michaelquigg@quiggpartners.com. |
| Delete from Circulation List |
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If you receive our regular newsletters but would like to be deleted from our circulation list please advise by emailing theresacains@quiggpartners.com.
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| M&A CONFERENCE: SYDNEY |
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The Mergers & Acquisitions Conference 2006 has been set for 7-8 June 2006. A copy of the programme can be downloaded at www.capconnect.com.au. Quigg Partners is presenting at the Conference and also assisting with the NZ M&A Market half-day Workshop on Friday, 9 June 2006. A great chance to catch up on all Australian/New Zealand M&A developments/players.
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| A FINE NEW ZEALAND PINOT NOIR ON OFFER! |
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We would like to hear how we could improve our "NZ: M&A" publication. For the best (both funniest and most constructive) suggestions we will deliver a fine New Zealand bottle of Pinot Noir. Please send your suggestions to davidquigg@quiggpartners.com.
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| FURTHER INFORMATION |
| M & A Corporate | ||
| David Quigg John Horner Matt Yates Nick White |
+64 4 474 0755 +64 4 474 0754 +64 4 474 0768 +64 4 474 0751 |
davidquigg@quiggpartners.com johnhorner@quiggpartners.com mattyates@quiggpartners.com nickwhite@quiggpartners.com |
| Employment | ||
| Michael Quigg Sean Heywood Deirdre Marshall Jol Bates Tim Sissons |
+64 4 474 0766 +64 4 474 0752 +64 4 474 0765 +64 4 474 0759 +64 4 472 7471 |
michaelquigg@quiggpartners.com seanheywood@quiggpartners.com deirdremarshall@quiggpartners.com jolbates@quiggpartners.com timsissons@quiggpartners.com |
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