March 26, 2020 / 7:45 PM / 8 days ago

BRIEF-New Zealand Takeovers Panel Grants Temporary Exemptions To Help Companies Raise Capital

March 27 (Reuters) - New Zealand’s Takeovers Panel:

* NEW ZEALAND’S TAKEOVERS PANEL SAYS GRANTING TEMPORARY CLASS EXEMPTIONS FROM TAKEOVERS CODE AIMED AT ASSISTING CODE COMPANIES IN RAISING CAPITAL

* NEW ZEALAND’S TAKEOVERS PANEL SAYS TEMPORARY CLASS EXEMPTIONS TO APPLY TO CAPITAL RAISINGS CONDUCTED ON OR BEFORE OCT 31, 2020

* NZ TAKEOVERS PANEL SAYS TEMPORARY EXEMPTIONS WILL ALLOW SHAREHOLDERS TO MAKE ‘CREEPING’ INCREASES AS A RESULT OF ALLOTMENTS

* NEW ZEALAND’S TAKEOVERS PANEL SAYS FOCUS OF RELIEF IS TO MAKE IT QUICKER AND EASIER FOR SHAREHOLDERS TO PROVIDE ADDITIONAL CAPITAL TO CODE COMPANIES

* NZ TAKEOVERS PANEL SAYS SHAREHOLDERS TO MAKE 'CREEPING' INCREASES DUE TO ALLOTMENTS, PROVIDED THAT INCREASE IS SUBJECT TO A 10% CAP Source: bit.ly/2WWHC0j

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