Percentage of securities held by non directors must be 25% or more  |
|
|---|---|
| Rule: | IIA 3.9 |
| Date Requested: | Thursday, October 16, 2008 |
| Requested By: | Deacons |
| Date Approved: | Wednesday, October 29, 2008 |
| Approved By: | Compliance Committee |
| Issuer: | FCA |
| Securities: | FCA |
| Description of Rule: | There must be an open market in the securities for which listing is sought. This means that the minimum percentage of securities in public hands... must at all times (be) 25%. |
| Waiver Requested: | FCA was initially created as a family company. Whilst it had expanded, its percentage held in public hands was less than 25%. However a dual listing and subsequent capital raising was planned and this would be expected to bring compliance with LR 3.9. |
| Effect of Waiver: | Waiver relief was granted on condition that the concentration requirements of LR 3.9 be met within 12 months of listing on NSXA. |