A company must have shareholder approval to voluntarily delist.  |
|
|---|---|
| Rule: | 2A 2.25 |
| Date Requested: | Tuesday, February 28, 2006 |
| Requested By: | McCullough Robertson |
| Date Approved: | Thursday, March 9, 2006 |
| Approved By: | Compliance Committee |
| Issuer: | PTB |
| Securities: | PTB |
| Description of Rule: | An issuer whose primary listing is on the Exchange may only voluntarily withdraw its listing if it gives the Exchange at least 90 days notice and the issuer has obtained the approval of the holders of each class of its listed securities by way of a three quarters majority vote at duly convened meetings of those holders. |
| Waiver Requested: | The company intends to move its primary listing to ASX and has not complied with the listing rule requirements in relation to delisting procedures. However the Company has provided sufficient notice to shareholders and the market and will only proceed with approval of shareholders, albeit not in the manner required by the rule. |
| Effect of Waiver: | NSX permits a waiver of NSX Listing Rule Section 1, 2.25 to Pacific Turbine Brisbane Limited provided that the Company seeks and obtains the approval of shareholders as proposed. |