3 August 2004

Takeovers Panel reappointments

Commerce Minister Margaret Wilson today announced the reappointment of David Jones as Deputy Chair of the Takeovers Panel, and the reappointment of members Kevin O’Connor, Alastair Lawrence and Daphne Rawstorne.

“I am pleased to re-appoint Mr Jones, Mr O’Connor, Mr Lawrence, and Ms Rawstorne for a second term. The decisions of the Takeovers Panel have been well received in the market, largely due to the expertise and specialist knowledge of the Takeovers Code by these four members and the other four members of the panel," Margaret Wilson said.

David Jones has 27 years experience in the legal and business sector. He is a principal in the law firm Jones and Young. Mr Jones has made an excellent contribution to the panel as Deputy Chair since 1994. Mr Jones has been reappointed as Deputy Chair of the panel for a five-year term.

Kevin O’Connor is a company director with over 30 years experience of New Zealand financial and capital markets. He has a strong commitment and ongoing interest in the efficient function of the New Zealand financial markets through his previous involvement in the Stock Exchange and its Market Surveillance Panel. Mr O'Connor brings in-depth market understanding and commercial skills to the panel. Mr O’Connor has been reappointed for a three- year term.

Alastair Lawrence is involved in private practice as principal in the private investment bank, Antipodes. He has 25 years experience providing corporate finance advice and has been a member of the Takeovers Panel since 1995. Mr Lawrence brings extensive financial and strategic knowledge of the marketplace and is considered to be one of the country’s leading corporate advisers. Mr Lawrence has been reappointed for a two-year term.

Daphne Rawstorne brings extensive business and commercial experience to the Panel. She has 30 years experience in the accounting profession and is a present and past director of several companies. As a member of the Takeovers Panel since 1999 she has been involved in the review of the Takeovers Code. Ms Rawstorne has been reappointed for a two-year term.

Role of the Takeovers Panel

The Takeovers Code came into effect on 1 July 2001. The Panel is responsible for implementing the Code and carrying out the enforcement functions outlined in the Takeovers Act 1993. These functions include:

keeping the law relating to takeovers under review and recommending changes to the Minister; investigating any act or omission or practice for the purpose of exercising its enforcement powers under the Act; making determinations, orders and applications to the Court in accordance with the Act; enabling the panel to co-operate with any overseas regulator where the panel considers it may assist that regulator in the performance of its functions; and promoting public understanding of the law and practice relating to takeovers.

Appointment of Members

Under the Takeovers Act 1993, the Panel is required to have eight to 11 full members appointed from time to time by the Minister. At least one member of the Panel must be a barrister or solicitor of the High Court of not less than seven years’ experience. The Chair fulfils this criterion. Members must, in the opinion of the Minister, be qualified or experienced in business, law or accounting.

ENDS

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