Ongoing requirement for issuer to take steps to comply with concentration limits.  |
|
|---|---|
| Rule: | IIA 6.21 |
| Date Requested: | Wednesday, November 15, 2006 |
| Requested By: | Ratton Holdings |
| Date Approved: | Friday, December 8, 2006 |
| Approved By: | Compliance Committee |
| Issuer: | RTN |
| Securities: | RTN |
| Description of Rule: | Once the issuer becomes aware that the number of listed securities in the hands of the public has fallen below the relevant prescribed minimum percentage, the issuer shall take steps to ensure compliance at the earliest possible moment. This requirement is not met if the spread is obtained by artificial means. |
| Waiver Requested: | Two shareholders hold approximately 89% of the issued share capital of RTN. This position arose from a transaction which resulted in a large issue of shares to these two shareholders. That transaction was approved by shareholders. RTN’s total number of shareholders is in excess of 500. Trading has increased since the transaction as has the number of shareholders. The number of shares in the hands of the public has not changed as a result of the transaction. |
| Effect of Waiver: | NSX allows a waiver of Listing Rule 6.21 to Rattoon Holdings Limited in the context of the application on condition that an appropriate company announcement is made. A condition of the grant of waiver is that RTN is to advise NSX if the number of shareholders falls below 500, at which time NSX will review the waiver. |