• About
• Publications
• Exemptions
• Notices
• What's new?
• International
• Speeches
• Information for investors
• Contact us
• Site map
• Home

05 November, 1987

News release

Inquiry into NZ Duty Free Limited and Worldwide Duty Free Limited

The Commission has completed an enquiry into substantial security holdings in the shares of New Zealand Duty Free Limited ("NZDF"), in particular, concerning those held by Worldwide Duty Free Limited ("Worldwide"), a company registered in the Cayman Islands, with its business address in Panama City.

The Commission notes that Worldwide has, in accordance with Part II of the Securities Amendment Act 1988, given two substantial security holder notices in relation to NZDF. The notices are dated 5 March 1991 and 8 July 1991. The first notice records the acquisition of a relevant interest in 40.96% of the shares of NZDF. The second notice records a change in relevant interest to 47.72%. In the course of the enquiry, the Commission received evidence of a loan from a Mr R.M. Bartlett, on behalf of Worldwide, to Mr M.J. Seamer, Director and Chief Executive of NZDF. The loan is secured against shares in NZDF held by Mr Seamer. The Commission considers that Worldwide has a relevant interest in these shares and accordingly has requested that Worldwide give an additional notice to NZDF and the New Zealand Stock Exchange in accordance with the law.

Worldwide was aware of the Commission's enquiry but chose not to give evidence at the hearing. Accordingly the Commission has not been able to ascertain whether any other person may have a relevant interest in the shares of NZDF through Worldwide. Moreover, as Worldwide is registered in the Cayman Islands, the level of information which is routinely available to the New Zealand public in respect of New Zealand registered companies is not available in respect of Worldwide.

The Commission believes that it is in the interests of the New Zealand investing public that information about the identity and financial substance of any company which has a substantial interest in a New Zealand listed company should be readily available.

John Farrell
Chief Executive