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29 March 1996
News release
Power New Zealand Limited - investigation completed
The Commission has completed an investigation into aspects of substantial security holder disclosure in respect of Power New Zealand Limited ("PNZ"). The investigation related to the disclosure during the period after PNZ's listing in early December 1994 to October 1995 of rights conferred for the benefit of PNZ in agreements relating to shareholding matters.
The Commission considers that there were breaches of provisions of the Securities Amendment Act 1988. In the Commission's view, these affected the information available in the market. The Commission regards compliance with these disclosure requirements as important in the scheme of securities regulation.
PNZ has undertaken to procure the filing of new notices containing further information, including material documents, with the New Zealand Stock Exchange and PNZ. It will not therefore be necessary for the Commission to seek compliance orders under the Amendment Act. The new notices will be available for public inspection in accordance with the Act.
E H Abernethy
Chairman
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