The issuer shall obtain the approval of members of the issuer by special resolution for any issue of equity securities to a related party or a person nominated by the Exchange unless the person receives the securities under (i) a pro rata issue.  |
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|---|---|
| Rule: | IIA 6.44 |
| Date Requested: | Monday, March 17, 2008 |
| Requested By: | Dibbs Abbott Stillman |
| Date Approved: | Tuesday, April 1, 2008 |
| Approved By: | Compliance Committee |
| Issuer: | RGW |
| Securities: | RGWB |
| Description of Rule: | The issuer shall obtain the approval of members of the issuer by special resolution for any issue of equity securities to a related party or a person nominated by the Exchange unless the person receives the securities under (i) a pro rata issue. |
| Waiver Requested: | Ricegrowers' submission had two limbs: (1) that as directors are treated equally as all other members in relation to the offer, it could be considered pro rata even though the entitlement of members is not related to the quantum of their existing holding but rather that they are a shareholder, or (2) failing the first limb, that the Exchange grant waiver relief of the requirement for a special resolution under LR 6.44. |
| Effect of Waiver: | A waiver of listing rule 6.44 was granted in respet of the proposed issue of 'B' Class shares in Ricegrowers Limited. |