WAV/RULE: NZXR: VCT Waiver Application Listing Rule 7.12.2

1 Sep 2010 8:39 am

NZXR 01/09/2010 WAV/RULE

REL: 0839 HRS NZX Regulation

WAV/RULE: NZXR: VCT Waiver Application Listing Rule 7.12.2

September 1, 2010 NZX Market Supervision Decision Vector Limited ("VCT") Application for waiver from NZSX Listing Rule 7.12.2

Background

1.VCT is listed on the NZSX market. 2.VCT provided NZX with an Appendix 7 in relation to its proposed full year dividend on 27 August ("Appendix 7"). 3.The Appendix 7 stated that VCT's full year dividend would have a Record Date of 3 September 2010, and a Dividend Payment Date of 13 September 2010. 4.NZSX Listing Rule 7.12.2 requires an Issuer to give at least 10 Business Days notice of a Record Date in regard to a benefit to be distributed or paid to shareholders. 5.VCT gave notice of the Record Date in respect of its 2010 full year dividend payment on 27 August 2008, 5 Business Days before the Record Date for that payment.

Application

6.VCT has approached NZX Markets Supervision ("NZXMS") seeking a waiver from the requirement under NZSX Listing Rule 7.12.2 to provide notice at least 10 Business Days prior to the Record Date for the payment of the benefit. 7. VCT makes the following submissions in support of its application: (a) The Appendix 7 in respect of the 2010 full year dividend was scheduled to be sent to NZX on 20 August 2010 under VCT's Annual Report, Annual Meeting and Dividend Work Plan. VCT inadvertently failed to file the Appendix 7 on 20 August 2010; and (b) VCT has taken steps to ensure that failure to file an appendix 7 in compliance with NZSX Listing Rule 7.12.2 does not re-occur.

NZSX Listing Rule 7.12.2

8.Rule 7.12.2 provides: 7.12.2 Where any benefit is to be paid or distributed on Quoted Securities (including dividends, interest or bonus issues) or any Conversion of Securities or call on Securities is to take place, the Issuer shall give to NZX, forthwith after any Director's recommendation and at least 10 Business Days before the Record Date to determine entitlements or obligations, full details of the benefit, Conversion or call, including the information in the table below. That information shall be supplied in the form set out in appendix 7.

Decision

9.NZXMS declines to grant VCT a waiver from the requirement in Rule 7.12.2 to provide the Appendix 7 in relation to VCT's full year dividend to NZX at least 10 Business Days before the Record Date.

Reasons

10. In coming to the decision to NZXMS has considered that: (a) The purpose of Rule 7.12.2 is to ensure that the market is provided with sufficient notice of information about a proposed benefit or distribution, before the Record Date for that benefit or distribution occurs; and (b) Administrative error is not a ground for waiving a NZSX Listing Rule requirement, rather it is a factor to be considered when assessing the appropriate penalty for misconduct.

ENDS End CA:00199144 For:NZXR Type:WAV/RULE Time:2010-09-01:08:39:35

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