GENERAL: NZXR: Notice - NZSX/ NZDX & NZAX Listing Rule Amendment

25 Jun 2010 5:51 pm

NZXR 25/06/2010 GENERAL

REL: 1751 HRS NZX Regulation

GENERAL: NZXR: Notice - NZSX/ NZDX & NZAX Listing Rule Amendment

25 June 2010

NZX Market Supervision ("NZXMS") hereby gives notice of amendment to the NZSX/ NZDX and NZAX Listing Rules (together being the "Rules").

The amendments relate to the introduction of NZX's new clearing and settlement system ("Settlement System") and will come into effect on the Go-Live Date.

As the Go-Live Date is dependant on the receipt of necessary regulatory approvals, NZX will advise the market of the Go-Live Date, provided that it shall not be earlier than 26 July 2010.

By implementing the Settlement System, NZX seeks to align New Zealand's clearing and settlement infrastructure with international best practise, in order to promote confidence and participation in New Zealand's capital markets. The Settlement System comprises a central counterparty clearing house ("Clearing House")(operated by New Zealand Clearing Limited) and a central securities depository ("Depository")(operated by New Zealand Depository Limited).

A marked copy of the amended Rules, showing all changes from the Rules as they are currently in force, can be found at www.nzx.com/market-supervision/rules/. As the Rules are subject to regulatory approval, including for the purposes of the Securities Markets Act 1988, any changes required to obtain regulatory approval will be made available prior to the Go Live Date.

Broadly, the amendments are as follows:

1. FASTER and Delivery and Settlement Participants All references to the "FASTER System" have been replaced by the term "Settlement System". 2. Ex-Date The definition of Ex Date has been amended to provide that it shall be the second Business Day before the Record Date for that entitlement, unless NZX determines otherwise.

3. Rights Issue Notice / Trading Period Rights issues will require Five Business Days notice prior to the Ex Date.

Quotation of Rights will cease four Business Days before the closing date for acceptances and renunciations.

4. Corporate Actions Announcements Issuers will be required to provide information regarding the amount of foreign dividend payment credits per share and, in the case of PIE Issuers, excluded income per share, when notifying the market of corporate actions.

5. Share Purchase Plans Issuers will be able to issue further Equity Securities having a value of up to $15,000 per annum to existing holders of Equity Securities.

6. General A number of minor typographical amendments have been made to address minor typographical errors and omissions contained the existing versions of the Rules.

Further background information about the amendments can be found in the Consultation Memorandum - NZSX/ NZDX & NZAX Listing Rules - August 2009 also available at http://www.nzx.com/market-supervision/rules-consultation/.

ENDS. End CA:00196577 For:NZXR Type:GENERAL Time:2010-06-25:17:51:37

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