Ann: Waiver from NZX Main Board Listing Rule 9.1.1-ATM.NZ, page-6

My take is that there are regulations on a listed company committing to significant transactions (>50% of MC) without shareholder approval. I guess this is because if you sign up to such an agreement you could essentially change the nature of the business. It could also lead to a situation where an uncontested contract was awarded to another party without proper scrutiny.

Subsequently, ATM have sought approval from the NZX to not have to put this decision to the shareholders as the contract is part of their normal business, it has a rolling 12 month forecast (so no over commitment) plus a few other reasons noted in the announcement. Nothing to be concerned about. Does not affect any takeover situation, unless the company taking over had their own IF plant and wanted to use it instead of Synlait, in which case there is a 3 year notice period anyway.