28 Jun 2022
TAKEOVERS PANEL v NEW IMAGE GROUP LTD [2022] NZHC 1504
- Citation
- [2022] NZHC 1504
- Court
- High Court
NTL and NEW admitted breaches of the Takeovers Code: NTL made a selective offer in breach of r 20 and failed to disclose associates in breach of r 44(1)(d)(i); NEW failed to disclose director/associate holdings in breach of r 46(1)(a). Declarations of contravention were entered and, applying a sentencing-style methodology with a $2.1–$2.5m starting range discounted 35% for cooperation and lack of prior offending, the Court imposed a $1.5 million pecuniary penalty on NTL, payable to the Crown and to be applied first to the Panel's actual costs; no costs order between parties.