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Takeovers Panel Chair Appointment

Commerce Minister Paul Swain, today announced the re-appointment of John King as chairman of the Takeovers Panel.

John King has chaired the Takeovers Panel since it was created in 1994 and he was also chairman of the Takeovers Panel Advisory Committee which reported to the Government in 1993.

John King has been closely involved in the development of the Takeovers Code since 1991.

Mr King is the senior partner with law firm Russell McVeagh. His current directorships include Telecom Corporation of New Zealand Limited,
WestpacTrust Investments Limited, The New Zealand Guardian Trust Company
Limited and New Zealand Guardian Trust Funds Management Limited. He is also a member of the boards of the Employers and Manufacturers Association (Northern) Inc and the Spirit of Adventure Trust.

The Takeovers Panel administers the Takeovers Code which will come into
force on 1 July this year.

The new Code will lay out an orderly process for companies to follow when staging a takeover. The Takeovers Code and Panel will mean that all shareholders, big and small, are treated equally in a takeover situation.

John King's appointment is for two years.

For further information on the Takeovers Code and Panel:

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