Preference security holders to get preference in winding up  |
|
|---|---|
| Rule: | IIA 5.8(2) |
| Date Requested: | Tuesday, September 4, 2007 |
| Requested By: | DLA Phillips Fox |
| Date Approved: | Tuesday, September 18, 2007 |
| Approved By: | Compliance Committee |
| Issuer: | AFO |
| Securities: | AFOC |
| Description of Rule: | The holder of a preference security must be entitled to... (2) return of capital in preference to holders of ordinary shares when the issuer is wound up |
| Waiver Requested: | The issuer sought waiver relief as C class preference shares rank equally with A class shares on winding up. |
| Effect of Waiver: | The Committee granted waiver relief whereby C class preference shares rank equally with A class shares on winding up as it was appropriate in the circumstances. |