Forum Archive Index - April 2002

["Chris Castle" <c.castle@paradise.net.nz>]

Derek,

More detail from the listing rules...............

1.3  ASSOCIATED PERSONS

1.3.1  Associated Persons: In the Rules, a person is an Associated Person of
another person if the first person is associated with the other person in
terms of Rules 1.3.2 to 1.3.6.

1.3.2  Association: A person (the "first person") is associated with another
person (the "second person") if, in making a decision or exercising a power
affecting an Issuer, the first person could be influenced as a consequence
of an Arrangement or relationship existing between, or involving, the first
person and the second person.

1.3.3  Deeming Provisions: Without limiting Rule 1.3.2, the first person is
associated with the second person if:

 (a)  the first person is a company, and the second person is:

 (i)  a Director of that company; or

(ii)  a Related Company of that company; or

(iii)  a Director of a Related Company of that company; or


(b)  the first person is a spouse, domestic companion, child or parent of
the second person, or a nominee or trustee for any of them or for the second
person; or

(c)  the first person is a Director of a company, or holds a relevant
interest (as defined in sections 5 and 6 of the Securities Amendment Act
1988) in Securities carrying more than 10% of the Votes of a company and the
first person and the second person are parties to an Arrangement relating to
the control of, or the control or ownership of Securities in, that company,
which Arrangement affects Securities of that company carrying more than 30%
of the total Votes attaching to Securities of that company; or

(d)  the first person and the second person are acting jointly or in
concert; or

(e)  the first person and/or the second person propose to do, or are likely
to do, anything which will cause them to become associated in terms of (a)
to (d) or Rule 1.3.2.


1.3.4  Exclusions: The first person is not associated with the second person
solely because:

 (a)  the first person acts as a professional or business adviser to the
second person, without a personal financial interest in the outcome of that
advice; or

(b)  the first person is a Broker or other person whose ordinary business
includes dealing in Securities on behalf of others, and the first person
acts in accordance with the specific instructions of the second person to
deal in Securities; or

(c)  the first person acts as a proxy or representative of the second person
for the purposes of a meeting of holders of Securities of a company or other
entity.


1.3.5  Reverse Application: If the first person is associated with the
second person in terms of Rules 1.3.2 to 1.3.4, then the second person shall
be deemed to be associated with the first person.

1.3.6  Ruling: Notwithstanding anything in this Rule 1.3, persons shall not
be associated if the Exchange rules that they are not associated.

1.3.7  Definition: For the purposes of this Rule 1.3, "Arrangement" means an
agreement, arrangement, or understanding, whether express or implied, and
whether or not legally enforceable.


----------------------------------------------------------------------------
----
 1.  The definition of "Associated Person" is broad. If there is any doubt
as to whether any two or more persons are Associated Persons, Issuers should
seek a ruling from the Exchange in terms of Rule 1.3.6.

 2.  If a connection between two persons of the nature referred to in Rule
1.3.3(c) or (d) is not related to the matter in respect of which the
question of whether those persons are Associated Persons is required to be
determined, the Exchange will readily grant a ruling that those persons are
not Associated Persons.

That's fairly comprehensive methinks but doesn't catch people who choose to
ignore the rules (which may be your point).

Chris Castle



----- Original Message -----
From: "Chris Castle" <c.castle@paradise.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Friday, April 26, 2002 11:17 AM
Subject: Re: [sharechat] New NZSE boss


> It has been for years by the definition of associated parties - see the
> listing rules
> ----- Original Message -----
> From: "Derek" <dkw@paradise.net.nz>
> To: <sharechat@sharechat.co.nz>
> Sent: Friday, April 26, 2002 11:12 AM
> Subject: RE: [sharechat] New NZSE boss
>
>
> > I think that some people may hide behind the 5% threshold
> > by dividing their holdings up between different holding
> > companies,  I think that this should be addressed.
> >
> > Regards,
> > Derek
> >
> >
>
> --------------------------------------------------------------------------
> --
> > To remove yourself from this list, please use the form at
> > http://www.sharechat.co.nz/chat/forum/
> >
> >
> >
>
>
> --------------------------------------------------------------------------
--
> To remove yourself from this list, please use the form at
> http://www.sharechat.co.nz/chat/forum/
>
>
>


----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/chat/forum/