Financial Markets Conduct (Fonterra Shareholders’ Fund) Exemption Notice 2021

Summary: The Financial Markets Conduct (Fonterra Shareholders’ Fund) Exemption Notice 2021 provides relief for certain offers made in relation to the Fonterra Shareholders’ Fund (the Fund) on similar terms to the Financial Markets Conduct (Fonterra Shareholders’ Fund) Exemption Notice 2016. The notice is revoked on the earlier of: (a) the close of 31 October 2026; or (b) the date that the units in the Fund (Units) cease to be quoted on the NZX Main Board and the ASX.

The notice grants an exemption to the manager (Manager) of the Fund from Part 3 of the Financial Markets Conduct Act 2013 (the Act) in relation to an offer of Units for issue to farmer shareholders (Shareholders) of Fonterra Cooperative Group Limited (Fonterra) as consideration for the transfer of shares in Fonterra to the Fund’s custodian, where the Units issued by the Manager are used to settle a sale contract previously entered into by or on behalf of the Shareholder on the NZX Main Board or the Australian Securities Exchange (an Offer of Units for Issue). The notice also grants an exemption to every Shareholder from Part 3 of the Act in relation to an offer of Units for sale by the Shareholder on the NZX Main Board or the Australian Securities Exchange where the Units are issued to the Shareholder pursuant to an Offer of Units for Issue (an Offer of Units for Sale). 

The notice also states that both an Offer of Units for Issue and an Offer of Units for Sale made in reliance on the Notice are not regulated offers.