FCG
03/09/2014 17:00
GENERAL
REL: 1700 HRS Fonterra Co-operative Group Limited
GENERAL: FCG: Change to notification of allotments/redemptions of units
3 SEPTEMBER 2014
CHANGE TO NOTIFICATION OF ALLOTMENTS / REDEMPTIONS OF UNITS
The Fonterra Shareholders' Fund ("Fund") has sought and obtained a waiver
from NZX Regulation ("NZXR") in relation to NZX Main Board Listing Rule
("Rule") 7.12.1.
The Fund currently files allotment / redemption notices in accordance with
Rule 7.12.1 in respect of allotments / redemptions of units in the Fund that
occur on each trading day. As a result, allotment / redemption notices are
filed almost daily. The Fund considers that the frequency with which these
notices are filed imposes an administrative burden on the Fund without
providing any significant benefits to the market in terms of the information
disclosed.
In broad terms, the waiver that the Fund has obtained from Rule 7.12.1
permits the Fund to file monthly (instead of daily) allotment / redemption
notices in respect of the net allotments / redemptions of Units during that
calendar month. However, the Fund will still be required to file a separate
allotment / redemption notice in respect of:
- any trading day on which the total number of units issued combined with the
total number of units redeemed exceeds 1% of the number of units then on
issue; and
- any allotments / redemptions that occur otherwise than as a result of
"daily trading". The term "daily trading" is defined in the waiver granted by
NZXR and captures allotments / redemptions that occur as part of the normal
operation of the Fund.
The Fund will rely on this waiver as from Monday 8 September 2014.
-ENDS-
For further information contact:
Abhy Maharaj
Director Equity Markets
Phone: +64 21 879 458
End CA:00254825 For:FCG Type:GENERAL Time:2014-09-03 17:00:55
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