Requirement for a minumum of 50 non-professional investors or 20 professional unit holders.  |
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|---|---|
| Rule: | 2C 3.8 |
| Date Requested: | Wednesday, March 3, 2004 |
| Requested By: | Quantum Syndicate Management Limited |
| Date Approved: | Friday, March 12, 2004 |
| Approved By: | NSX Compliance Committee |
| Issuer: | QPT |
| Securities: | QPTXXK |
| Description of Rule: | 3.8 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, (i.e. persons who are not a director or substantial security holder of the managed investment scheme or responsible entity or a director of a substantial security holder of the managed investment scheme or responsible entity or an associate of any of them) must at all times follow the scale set out below. Percentage in Non Director Hands = 25% 20 (professional investors) or 50 (non-professional investors) This requirement is not met if the spread is obtained by artificial means. For the purpose of calculating the number of holders, holders with securities valued at less than $2,000 will be disregarded, and the Exchange may in its discretion determine the value of securities. |
| Waiver Requested: | The investors that invest in the trust are high net worth individuals. The Minimum investment is $50,000 with the standard investment expected to be $78,000. Therefore retail investors are not targetted as investors in this trust. |
| Effect of Waiver: | The waiver is granted pursuant to the issuer demonstrating that the profile of investors is as described by the issuer. The profile would satisfy that there are more than 20 professional investors in the issue as required by rule 3.8 |