Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Handy Guide for Directors on Compliance with Takeovers Code

Handy Guide for Directors about Compliance with Takeovers Code

The Takeovers Panel has published a Basic Guide for Directors about the Takeovers Code.

David Jones, the Chairman of the Takeovers Panel, said “the Guide is designed to assist directors with their oversight of transactions which may have an effect on the control of their company. These transactions include not only takeover offers but also the more common company transactions, such as rights issues, share buybacks, and acquisitions by or allotments to major shareholders in the company”.

The Basic Guide for Directors explains how to identify whether the company is actually covered by the Code and, if it is, whether a transaction will be covered by the Code.

The launch of the Basic Guide for Directors follows on from the launch late last year of the Basic Guide for Shareholders and a series of easy to read Fact-Sheets for Shareholders. The Takeovers Panel published these to help shareholders understand their rights under the Takeovers Code.

CEO of the Institute of Directors, Dr William Whittaker, congratulated the Takeovers Panel on the guidance for directors: "The Basic Guide for Directors is a practical resource for directors to gain greater familiarity with the Takeovers Code and the Panel. We welcome this contribution to director education and the Guide will be available on the IoD website”.

CEO of the Ministry of Business, Innovation and Employment, David Smol, welcomed the Panel’s initiative in producing this free booklet. He noted that the Takeovers Code is part of the regulatory framework that strengthens the integrity of New Zealand’s capital markets. “Helping company directors to better understand their roles and obligations in the capital markets makes good sense. This aligns with the Government’s Business Growth Agenda which includes creating high-performing capital markets”, Mr Smol said.

The Basic Guide for Directors is freely available for downloading on the website of the Takeovers Panel (www.takeovers.govt.nz).

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news