NZX Regulation has today published five "practice notes" to provide user-friendly advice on common questions raised by issuers and their advisors.
The short notes are designed to complement NZX's more fulsome existing guidance. They cover:
timing under the NZX Rules
notice requirements when issuing securities
making administrative announcements, and
rights offer timetables, including a spreadsheet to easily generate timetables.
Particularly useful, in our view, is the clarification that cleansing notices for offers of the same class as existing quoted financial products should be released on the ex-date/quotation date for renounceable rights, and on the date on which the offer document is sent to shareholders and released to the market in other cases. This has been an area of inconsistency.
We wholeheartedly support this initiative and look forward to engaging with NZX on suggestions for other areas that would benefit from publication of a practice note.