18 May 2023

Financial Markets Conduct (Embark Early Education Limited) Exemption Notice 2023

Name of Notice Financial Markets Conduct (Embark Early Education Limited) Exemption Notice 2023
Gazette Notification Date 2023-05-18
Date In Force 2023-05-18
LI Number N/A
SL Number
Act Financial Markets Conduct
Type Individual Exemption
Expiry Date 2024-05-17

Summary: The Financial Markets Conduct (Embark Early Education Limited) Exemption Notice 2023 exempts Embark Early Education Limited (Embark AU) from Part 3 of the Financial Markets Conduct Act 2013 (the Act) in relation to shares in Embark AU that are to be offered to eligible shareholders under a proposed scheme of arrangement pursuant to Part 15 of the Companies Act 1993.

The scheme of arrangement relates to a proposed restructure of Embark, whereby Embark AU will become the new parent company of Embark. If the scheme is approved by the High Court, Embark AU shares will be issued to Embark shareholders in exchange for the transfer of Embark shares, on a one-to-one basis.

The exemption is subject to a range of conditions, the effect of which is that:

  • Embark AU comply with all relevant laws governing New Zealand scheme of arrangements;
  • the scheme of arrangement, if approved, is carried out in accordance with the terms of the exemption notice;
  • the scheme booklet contains information that is pertinent to Embark shareholders deciding how to vote on the scheme; and
  • prospective future shareholders of Embark AU have access to the same information about Embark AU as they would have had had they been Embark shareholders voting on the scheme, for a period of 12 months. 

Download the Financial Markets Conduct (Embark Early Education Limited) Exemption Notice 2023