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	HOW THE CODE PERMITS VOTING RIGHTS TO BE INCREASED This is a simplified summary. If you need to comply with the code you should check the full terms of the code. OF VOTING RIGHTS EXISTING HOLDING  METHODS OF INCREASE    Nil or up to 20% a.  Up to 20% - by any means. b.  20% and above - see below.   20% - 50% a.  Making a code offer by either: (i)  a full offer conditional on reaching more than 50%; or (ii)  a partial offer to go to over 50% and conditional on reaching that level; or (iii)  a partial offer to go to a lower percentage approved by the target company shareholders. b.  Obtaining an allotment of new securities with target company shareholder approval. c.  Acquiring existing securities with target company shareholder approval.   More than 50%, but less than 90% a.  Making a code offer, being either: (i)  a full offer; or (ii)  a partial offer to go to any percentage. b.  Obtaining an allotment of new securities with target company shareholder approval. c.  Acquiring existing securities with target company shareholder approval. d.  Making creeping acquisitions of up to 5% of the voting rights in the code company in any 12 month period.   90% or more a.  By any means. b.  May compulsorily acquire balance. c.  Must acquire the balance if required by holders.	Frequently Asked Questions THE FOLLOWING ANSWERS TO FREQUENTLY ASKED QUESTIONS ARE PUBLISHED FOR GENERAL INFORMATION ABOUT THE CODE AND ITS APPLICATION. When will the class exemptions be published? The class exemptions notice is published in full on our web site www.takeovers.govt.nz. What will happen to the takeovers provisions in the New Zealand Stock Exchange Listing Rules when the Takeovers Code comes into force on 1 July? The New Zealand Stock Exchange has issued a ruling relating to the introduction of the Takeovers Code which deals with these provisions of the Listing Rules. This has been sent to all holders of the Listing Rules and will be available on the NZSE web site (www.nzse.co.nz) shortly. Where can I get a copy of the Takeovers Code? The Takeovers Code’s official title is Takeovers Code Approval Order 2000 (SR 2000/210). It can be bought at bookshops which stock legislation. The code can also be viewed or printed from www.takeovers.govt.nz See our website ... www.takeovers.govt.nz for:   The Code in Business Language   The Takeovers Code Approval Order 2000 (SR 2000/210)   The Takeovers Act 1993   Code Word No. 01
	If you wish to receive Code Word in hard copy or by email please contact Catherine Chapman phone (04) 471 7659 or catherine.chapman@sec-com.govt.nz

	How to contact us   Takeovers Panel Level 12, Reserve Bank Building 2 The Terrace PO Box 1171 Wellington Phone: 64 4 471 4618 Fax: 64 4 471 4619 Email: takeovers.panel @takeovers.govt.nz Website: www.takeovers.govt.nz	Disclaimer Code Word is produced for general information only. The Takeovers Panel does not assume any responsibility for giving legal or other professional advice and disclaims any liability arising from the use of the information. If you require legal or other expert advice you should seek assistance from a professional adviser.

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