Shareholder approval required for dealing with assets.  |
|
|---|---|
| Rule: | IIA 6.43 |
| Date Requested: | Thursday, September 21, 2006 |
| Requested By: | McCullough Robertson |
| Date Approved: | Friday, September 22, 2006 |
| Approved By: | Compliance Committee |
| Issuer: | PTB |
| Securities: | PTB |
| Description of Rule: | An issuer shall obtain the approval of its members if it or any of its child entities acquires a substantial asset from or disposes of a substantial asset to any of the following: (i) a related party…. |
| Waiver Requested: | The company intends to accept unsecured loan funding from a director on commercial terms. The company is unable to obtain shareholder approval prior to entering into the transaction but will do so at its next AGM. |
| Effect of Waiver: | NSX permits a waiver of NSX Listing Rule Section IIA, 6.43 to Pacific Turbine Brisbane Limited provided that the Company seeks and obtains the approval of shareholders at its next AGM, that the loan is unsecured, documented and on commercial terms and that an appropriate company announcement is made. |