One class of ordinary equity securities unless the Exchange approves the terms of an additional class.  |
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|---|---|
| Rule: | 2A 5.2 |
| Date Requested: | Wednesday, January 7, 2004 |
| Requested By: | Clayton Utz |
| Date Approved: | Friday, January 30, 2004 |
| Approved By: | Compliance Committee |
| Issuer: | SUG |
| Securities: | SUG |
| Description of Rule: | An issuer may only have one class of ordinary equity securities unless the Exchange approves the terms of an additional class or the additional class is of partly paid shares which, if fully paid, would be in the same class as the ordinary shares. [note: this rule was revised 11 March 2004] |
| Waiver Requested: | Where the Exchange grants STL the waiver/ approvals sought, STL believes that its constitution will comply with the Listing Rules. STL's Constitution does not however contain a general clause making the Constitution subject to the listing rules as per clause 1.7 of the Exchange's sample constitution. STL's Constitution also does not contain provisions regarding participation in CHESS as per clause 4 of the Exchange's sample constitution. STL has two classes of shares being "G" class shares (shares held by growers) and "M" class shares (shares held by millers), as a result of the Queensland Government's endorsement of the principle that ownership of the bulk sugar terminals should be transferred to an entity owned and controlled by Queensland cane farmers and sugar millers. The two classes of shares are fundamental to STL's structure and reflect a fundamental principle of recognising the respective contributions by growers and millers to the sugar industry in Queensland. |
| Effect of Waiver: | The issuer has two classes of securities “G” and “M”. The structure was approved by the Queensland Government at the time of incorporation. The NSX approves of the waiver to list only “G” class shares. |