L.R. 3.4 Responsible entity must not be under an obligation to allow a security holder to withdraw from the managed investment scheme; LR 3.10 The constitution must be consistent with the Listing Rules.  |
|
|---|---|
| Rule: | IIC 3.4, 3.10 |
| Date Requested: | Monday, June 2, 2008 |
| Requested By: | Wellington Investment Management |
| Date Approved: | Thursday, June 19, 2008 |
| Approved By: | Compliance Committee |
| Issuer: | PIN |
| Securities: | PIN |
| Description of Rule: | L.R. 3.4 Responsible entity must not be under an obligation to allow a security holder to withdraw from the managed investment scheme; LR 3.10 The constitution must be consistent with the Listing Rules. |
| Waiver Requested: | The responsible entity of the Premium Income Fund sought relief from specific requirements of listing rules 3.4 and 3.10. The applicant submitted the Fund's redemption process was suspended per the Fund's constitution. Further, other inconsistencies between the constitution and the rules had no practical consequences given the Fund's circumstances. |
| Effect of Waiver: | Temporary waiver relief was granted from the requirement to not be obliged to allow a withdrawal (3.4) and to have a constitution consistent with the listing rules (3.10), subject to constitutional changes to remove inconsistencies being put to unitholders prior to 15 December 2008 and the Fund not being open to new investment prior to constitutional change. Should acceptable changes not have occurred by 15 December 2008, the waivers will be reviewed by NSX. |