Published 17 December 2007
Accor Premiere Vacation Club Ltd intends to apply to the High Court for relief for breaches of the Securities Act which have resulted in some securities issued to investors in New Zealand being void.
Securities Commission general counsel Liam Mason said section 37(1) of the act requires issuers to have a current New Zealand prospectus when they allot securities to New Zealand investors. Australian issuers are exempted if they comply with the Australian Registered Managed Investment Schemes exemption notice.
By breaching those rules, Accor has to pay investors back, plus 10% interest. However, if an investor doesn’t object within 30 days of being given notice that Accor intends to seek a waiver, it says the court must make relief orders.
Accor didn’t file copies in New Zealand of its new product disclosure statement which came into effect on 26 February, a supplementary statement on 8 June and a new statement on 9 July, and allotted 73 securities in the affected periods.
Investors must object by 30 January.
Attribution: Company statement, story written by Bob Dey for this website.