GENERAL: NZX: Solid Energy first SOE to use NZX disclosure service

26 Feb 2010 10:23 am

NZX 26/02/2010 GENERAL

REL: 1023 HRS NZX Limited

GENERAL: NZX: Solid Energy first SOE to use NZX disclosure service

Solid Energy first SOE to use NZX disclosure service

26 February 2010 - The half year report of State-Owned Enterprise Solid Energy is the first public disclosure to be made under the newly introduced SOE disclosure requirements.

Under these requirements, nine of New Zealand's largest SOEs have obligations under the SOE Continuous Disclosure Rules to keep the public constantly informed on matters that may have a material effect on their commercial value.

These obligations require, subject to certain exemptions, the continuous disclosure of:

- The fundamental terms of material transactions entered into;

- Information that has a material impact on the SOE's commercial value.

The disclosure regime also requires each SOE to publicly announce certain financial results within 60 days of the end of each half and full financial year.

NZX already runs a disclosure service for listed Issuers and is proud to provide this service to Solid Energy.

Communications, including Solid Energy's half year report, will be released via the NZX Market Announcement Platform (MAP), then disseminated to over 50 licensed data vendors such as Thomson Reuters, Bloomberg, Factiva and Fairfax, who forward the announcements via their own data feeds.

Announcements reach all key New Zealand media and receive comprehensive global coverage, thus ensuring transparency on key material facts relating to Solid Energy's performance.

Solid Energy have been assigned a unique company code on MAP to ensure differentiation between listed and non listed entities.

Solid Energy held its first public annual meeting in November 2008 and the second in October 2009, an initiative which the SOE elected to introduce over and above the required disclosure standards. End CA:00191792 For:NZX Type:GENERAL Time:2010-02-26:10:23:27

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