CodeWord Issue 11 - March 2004
In this issue
How the Code applies to lock-up agreements
Lock-up agreements are permitted by the Code and the policies that underpin it. These include lock-up agreements which occur before a bid is made (pre…
Read MoreExemptions for Schemes of Arrangement
Last year the Panel formulated a policy on exemptions for schemes of arrangement effected under the Companies Act 1993. The policy explains the circum…
Read MoreScrip offers
Scrip offers can provide difficulties for a bidder in two areas. First, small shareholders may receive unmarketable parcels of scrip. Second, overseas…
Read MoreFees for Section 32 Meetings
Section 32 of the Act is the primary section under which the Panel takes enforcement action for possible breaches of the Code. The Takeovers (Fees) Re…
Read MoreRichmond / PPCS – class exemption
This exemption arose as a result of orders made by the High Court in respect of proceedings brought against PPCS Limited concerning two parcels of Ric…
Read MoreDominion Retail / Tri-City – misleading offer document
During December 2003 the Panel determined that a mistake in an offer document, which made the statement of the offer price ambiguous, was a breach of …
Read MoreCedenco / SK Foods – compulsory acquisition exemption
In August 2003 SK Foods International made a takeover offer for all the shares in Cedenco Foods Limited that it did not own. The takeover offer was su…
Read MoreUnderwriters Exemption Review
As part of its function to keep the law relating to takeovers under review the Panel has been considering the continued appropriateness and effectiven…
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