Provision of the Latest Financial Report.  |
|
|---|---|
| Rule: | 2B 3.7 |
| Date Requested: | Thursday, January 24, 2002 |
| Requested By: | AWX |
| Date Approved: | Friday, January 25, 2002 |
| Approved By: | NSX Board |
| Issuer: | AWX |
| Securities: | All AWX Securities |
| Description of Rule: | “In the case of a new applicant, the latest financial period for which audited accounts have been prepared must not have ended more than twelve (12) months before the date of the prospectus.” |
| Waiver Requested: | AWX Capital Limited was incorporated on 15 March 2001, as the vehicle to provide the initial offering and subsequent listing of wine class shares on NSX. Whilst audited accounts will be included within each prospectus prepared by the applicant, and subsequently submitted to NSX within each listing application, the period for which they will be prepared will end on 30 June 2001. It is requested that NSX waive Section IIB Listing Rule 3.7 |
| Effect of Waiver: | In agreeing to this waiver, NSX may be permitting the listing of a class of debt security in a new entity which has not provided audited financial information for a full year’s trading. However, the basis of the financial product design of the applicant is that monies provided by investors are applied to buy assets (wine) to which they have an absolute entitlement under a bare trust structure, the details of which shall be comprehensively disclosed. |