- Release Date: 07/02/14 17:38
- Summary: WAV/RULE: TRP010: TRP - Waiver from NZX Debt Market Listing Rule 5.2.3
- Price Sensitive: No
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TRP 07/02/2014 15:38 WAV/RULE REL: 1538 HRS Transpower New Zealand Limited WAV/RULE: TRP010: TRP - Waiver from NZX Debt Market Listing Rule 5.2.3 NZX Regulation Decision Transpower New Zealand Limited ("TRP") Application for extension of waiver from NZDX Listing Rule 5.2.3 7 February 2014 ? Decision 1. Subject to the conditions in paragraph 2 below, and on the basis that the information provided by Transpower New Zealand ("TRP") is complete and accurate in all material respects, NZX Regulation ("NZXR") grants TRP a waiver from NZDX Listing Rule 5.2.3 ("Rule") in respect of the TRP010 Bonds for a period of 12-months from 28 February 2014, to allow TRP to have fewer than 500 Bondholders who are Members of the Public. 2. The waiver contained in paragraph 1 is granted on the following conditions: (a) TRP clearly and prominently discloses this waiver, its conditions, and its implications in its half-year and annual reports; and (b) TRP notifies NZXR if there are any material changes to the spread of the TRP010 Bonds. 3. The information on which this decision is based is set out in Appendix One to this decision. This decision will not apply if that information is not, or ceases to be, full and accurate in all material respects. 4. Rule 5.2.3 is set out in Appendix Two to this decision. Reasons 5. In coming to the decision to grant the waiver set out in paragraph 1 above, NZXR has considered that: (a) Debt Securities are generally not subject to the same degree of trading activity as Equity Securities; (b) the number of underlying holders of TRP010 Bonds indicates that there is investor demand for the TRP010 Bonds which will lead to a degree of liquidity in the secondary market; (c) TRP has advised NZXR that it expects the spread of TRP010 Bonds will continue to increase; (d) the condition contained in paragraph 2(a) above will ensure that both existing TRP010 Bond holders and those wishing to trade in TRP010 Bonds are aware TRP010 Bonds may not satisfy the spread requirements of Rule 5.2.3; (e) the 12-month waiver gives NZXR the opportunity to reconsider the spread of the TRP010 Bonds in 12 months' time if TRP considers a waiver is still required; and (f) there is precedent for this decision. ? Appendix One 1. TRP is a Listed Issuer with bonds Quoted on the NZX Debt Market ("NZDX"). 2. TRP listed its $125,000,000 fixed rate bonds maturing on 30 November 2018 on the NZDX on 29 February 2012 ("TRP010 Bonds"). TRP issued a further $200,000,000 TRP010 Bonds on 29 November 2013. TRP010 Bonds are Quoted under the ticker code TRP010. 3. On 19 February 2013, NZXR granted TRP a waiver from the requirements of Rule 5.2.3 in respect of the TRP010 Bonds, for 12-months. 4. As at 31 December 2013, there were 475 registered holders of the TRP010 Bonds. This is an increase of approximately 257% since 31 December 2012. 5. Some of the registered holders of TRP010 Bonds are nominees and custodians. In December 2013 there were over 1,000 underlying holders in the TRP010 Bonds held by one custodian alone. 6. TRP expects that the spread of the TRP010 Bonds will continue to increase (as has been the case since the TRP010 Bonds were Quoted). Appendix Two Rule 5.2 5.2.3 Quotation of Securities A Class of Securities will generally not be considered for Quotation on the NZSX or NZDX unless those Securities are held by at least 500 Members of the Public holding at least 25% of the number of Securities of that Class issued, with each Member of the Public holding at least a Minimum Holding, and those requirements are maintained, or NZX is otherwise satisfied that the Issuer will maintain a spread of Security holders which is sufficient to ensure that there is a sufficiently liquid market in the Class of Securities. End CA:00246760 For:TRP Type:WAV/RULE Time:2014-02-07 15:38:45
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Ann: WAV/RULE: TRP010: TRP - Waiver from NZX Debt
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