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Summary of

Securities Act (Stage Three/Four Limited) Exemption Amendment Notice 2003

2003/203

Gazetted on 21 August 2003
Expires on 31 August 2008

Effects of the exemption
This notice amends the Securities Act (Stage Three/Four Limited) Exemption Notice 2003 (principal notice) so that two of the conditions of exemption granted in the principal notice do not apply to people who entered into sale agreements before that notice came into effect.

Background
The Commission accepted enforceable undertakings from Stage Three/Four Limited (the company) and Pinnacle Hill Farms Limited (the developer) in relation to past non-compliance with the securities laws. This non-compliance relates to offers and allotments of shares prior to the granting of the principal notice. It became evident that the company and the developer would not be able to comply with clauses 6(b) and 6(g) of the principal notice in relation to offers of the shares in the company, made to lot owners who have already entered into sale and purchase agreements with the developer.

The exemption
The exemption amends the principal notice by including a transitional period for clauses 6(b) and 6(g) of the principal notice.

Clause 6(b) of the principal notice does not apply to shares in the company that are subscribed for by a person who entered into a sale agreement with the developer before the date on which the notice comes into force.

Clause 6(g) of the principal notice does not apply (to the extent that shares in the company can only be obtained on the purchase of residential property) to a contract for shares entered into by a person who purchased a property before the principal notice comes into force.

Reasons
The amendments are necessary to extend the principal notice to cover those persons who purchased residential properties in the development before the principal notice came into effect. The amendments are within the policy of the principle notice.