Shareholder approval required for dealing with assets.  |
|
|---|---|
| Rule: | IIA 6.43 |
| Date Requested: | Wednesday, November 8, 2006 |
| Requested By: | Henry Davis York |
| Date Approved: | Tuesday, November 14, 2006 |
| Approved By: | Compliance Committee |
| Issuer: | BSZ |
| Securities: | BSZ |
| 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; (ii) a child entity; (ii) a person with voting power of at least 10% of the voting power of the issuer; (iv) an associate of a person referred to in paragrapgs (i) to (iii) above; or (v) a person nominated by the Exchange. |
| Waiver Requested: | The receivers of the issuer have agreed to sell certain assets of the company to a purchaser whose directors are also directors of the issuer. The receivers sought relief as they are independant of the directors of the company, have sold the assets at arm's length, and are under a statutory obligation to sell assets at market value or the best possible price. |
| Effect of Waiver: | NSX allows a waiver of Listing Rule 6.43 to Betta Stores Limited (Receivers and Managers Appointed)(Administrators appointed)in the context of the application on condition that an appropriate company announcement is made. 14 November 2006 |