New Zealand Law Society - Takeovers Panel capital raising exemption in effect on 10 April

Takeovers Panel capital raising exemption in effect on 10 April

09 April 2020
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A suite of temporary class exemptions from the Takeovers Code granted by the Takeovers Panel are effective from 10 April 2020.

The exemptions are aimed at assisting Code companies in raising capital.

The Takeovers Code (Facilitation of Capital Raising in response to COVID-19) Exemption Notice 2020 has now been published in the Gazette. In addition, the Panel has published a guidance note explaining the operation of the exemptions.

The exemptions will apply to certain capital raisings conducted before the close of 31 October 2020. The Panel will review and may extend the COVID-19 Exemptions if the current unprecedented circumstances persist.