FMA are proposing to grant a class exemption along the lines of exemptions granted recently for some initial public offers (IPOs) to enable other IPOs to use similarly structured offer documents.
The exemptions previously granted by FMA related to the form and content of the investments statements – namely: the Securities Act (Genesis Energy Limited Crown share offer) Exemption Notice 2014, the Securities Act (Intueri Education Group Limited) 2014, the Securities Act (Gentrack Group Limited) Exemption Notice 2014 and the Securities Act (Serko Limited) Exemption Notice 2014.
The proposed class exemption notice would be available to any entity making an offer of equity securities which would be listed on NZX’s Main Board and which would expire on 30 November 2015. This is in line with the transitional provisions in the Financial Markets Conduct Act 2013 and will enable issuers electing to make IPO’s under the Securities Act regime to make these offers in reliance on the proposed class exemption up until the expiry date.
A copy of the draft class exemption notice is available here.