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Panel declines Ngai Tahu exemption

Thursday 18th December 2003

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The Takeovers Panel has declined Ngai Tahu Holdings an exemption in its bid to gain full control of Shotover Jets.

The exemption would have allowed Ngai Tahu a longer period than the 30 days provided in the code between the time of becoming dominant owner of Shotover Jet (should it do so) and the time it must send an acquisition notice to those shareholders who had not accepted the Ngai Tahu offer.

The panel asked for submissions on the issue at the start of the week. It say 14 were received, mostly from or on behalf of larger shareholders in Shotover Jet Limited.

Most submissions opposed the granting of an exemption by the panel.

The Panel has declined the request for an exemption. It considered that it was inappropriate, particularly given the strong views of those who made submissions, to change the timing rules of the Code for a takeover that has in effect been underway for some time.

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