A company must have shareholder approval for an issue amounting to more than 15% of capital.  |
|
|---|---|
| Rule: | 2A 6.25 |
| Date Requested: | Tuesday, February 28, 2006 |
| Requested By: | Bell IXL Investments Limited |
| Date Approved: | Thursday, March 9, 2006 |
| Approved By: | Compliance Committee |
| Issuer: | BXL |
| Securities: | BXL |
| Description of Rule: | The directors of the issuer shall obtain the consent of shareholders in general meeting prior to issuing equity securities above a number calculated according to the following formula: -[(A+B+C) x 0.15] - D |
| Waiver Requested: | As the Company has already sought and received shareholder approval for a placement, the proposed placement would be of benefit to shareholders and to refuse relief would be at a cost to shareholders, it is determined that it would be appropriate to grant relief to Bell IXL Investments Limited in the circumstances. |
| Effect of Waiver: | NSX approves the waiver of NSX Listing Rule Section 2A 6.25 to Bell IXL Investments Limited provided that any placement pursuant to this waiver is concluded prior to 31 March 2006 and in all other respects the placement complies with the shareholder approval previously obtained. |