todays announcement, page-3

'In 2004 when the SPARCS were issued, an exemption was granted by the New Zealand Securities Commission from certain sections of the Securities Act 1978 relating to conversion of the SPARCS into stapled securities of BBI.'

It sounds like the conversion process requires some exemptions from NZ securities law, and these exemptions must have expired at the original conversion date. Maybe it was because SPARCS was converting to a stock not on the NZ exchange but on the Australian.

I don't think it's anything to worry about, the announcement did say BBI expect the exemption to be granted.