Advertisement
New Zealand markets open in 52 minutes

  • NZX 50

    11,946.43
    +143.15 (+1.21%)
     

  • NZD/USD

    0.5952
    +0.0015 (+0.26%)
     

  • ALL ORDS

    7,937.50
    -0.40 (-0.01%)
     

  • OIL

    83.78
    +0.97 (+1.17%)
     

  • GOLD

    2,344.50
    +6.10 (+0.26%)
     

KCE to change balance date, shares will remain quoted on Unlisted

HMC Communications

On 7 December 2015 King Country Energy Limited announced that King Country Energy Holdings Limited, a subsidiary of Trustpower Limited, had acquired Nova Energy Limited’s 54.07% shareholding in KCE. This resulted in KCE becoming a partial, indirect subsidiary of Trustpower.

In order to ensure consistency with the Trustpower group for financial reporting purposes, the Board of KCE has resolved that, subject to IRD consent, KCE’s annual balance date will be 31 March, rather than 31 December. KCE has applied for IRD consent, and expects that it will be forthcoming in due course.

If IRD consent is obtained, KCE’s next balance date will be 31 March 2016 (not 31 December 2015). Proposed constitution will not be adopted

On 30 April 2015, in contemplation of the potential NZX listing of KCE, KCE shareholders resolved to adopt a new constitution, to take effect on KCE entering into a listing agreement with NZX.

ADVERTISEMENT

However, the resolution passed by shareholders provided that the new constitution would have no effect if the Board of KCE advised shareholders that KCE was not proceeding with an NZX listing.

The Board of KCE advises that it has resolved not to proceed with an NZX listing. Accordingly, the resolution to adopt the new constitution has no effect. The existing constitution remains in force.

Quotation of KCE shares on Unlisted

The Board of KCE has resolved to maintain quotation of KCE shares on the Unlisted online trading platform for the time being.

As a result of recent legislative changes, Unlisted has transitioned from being an unregistered securities trading facility to a prescribed exempt market. Part of this transition has involved Unlisted adopting Market Rules which apply to companies which have securities quoted on Unlisted. KCE has agreed to be bound by those Market Rules.

For more information regarding Unlisted’s new status as a prescribed exempt market, see the announcement for Efficient Market Services Limited (which operates Unlisted) here:

http://www.unlisted.co.nz/uPublic/docs/unlisted/Transition%20to%20Prescribed%20Exempt%20Market.pdf

Unlisted is not a Licensed Financial Product Market under the Financial Markets Conduct Act 2013. A copy of the Unlisted’s Market Rules are available here:

http://www.unlisted.co.nz/public/MR1%20Unlisted%20Market%20Rules.pdf