E-cademy Holdings Limited

The Takeovers Panel met yesterday to decide whether to exercise its powers under section 32 of the Takeovers Act 1993 in relation to the issue of shares and options made on 4 July 2001 by E-cademy Holdings Limited. E-cademy Holdings Limited and Cube Capital Limited were represented at the meeting.

The Panel determined that it was satisfied that the transaction under which E-cademy Holdings Limited had allotted shares and options to Matrix Global Training Pty Limited and other MatrixIP companies came within the transitional provisions set out in s23(b) of the Takeovers Act.

This means that the Takeovers Code did not apply to that transaction.

The Panel had made an interim order on Matrix Global Trading Pty Limited on 25 July restraining the company from disposing of securities or any interest in or rights relating to securities in E-cademy Holdings Limited and from exercising any right to vote or any other right attaching to those securities. That order expires at 5.00pm on Friday 3 August 2001.

A copy of the Panel’s determination will be published on the Panel’s website www.takeovers.govt.nz shortly.

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