07 September 2021

Financial Markets Conduct (Firefly Resources Limited) Exemption Notice 2021

Name of Notice Financial Markets Conduct (Firefly Resources Limited) Exemption Notice 2021
Gazette Notification Date 2021-09-07
Date In Force 2021-09-08
LI Number N/A
SL Number
Act Financial Markets Conduct Act 2013
Type Individual Exemption Notice
Expiry Date 2022-09-07

Summary: The Financial Markets Conduct (Firefly Resources Limited) Exemption Notice 2021 exempts Firefly Resources Limited (Firefly) and Firetail Resources Limited (Firetail) from the disclosure provisions in Part 3 of the Financial Markets Conduct Act 2013 (Act). 

The exemption relates to shares in Firetail that are to be offered by Firefly to its eligible shareholders under a proposed demerger of certain assets and lithium rights of Firefly, its related bodies corporate and Gascoyne Resources Limited.  The demerger is to be effected by way of an in-specie distribution of all shares in Firetail held by Firefly to its eligible shareholders following a capital reduction in Firefly. 

The effect of the exemption is that, subject to conditions, Firefly and Firetail would not need to provide NZ resident shareholders with a product disclosure statement (PDS) and will not need to comply with the other disclosure and advertising requirements in Part 3 of the Act and consequently, would not also need to comply with any related provisions of the Financial Markets Conduct Regulations 2014.

In summary, the conditions require that –

  • NZ shareholders be provided with relevant information by way of an Explanatory Memorandum that contains all material information to enable them to make an informed decision in relation to the proposed demerger and in relation to the offer of Firetail shares;
  • that the Explanatory Memorandum must comply with the laws and requirements relating to the offer of the Firetail shares that apply in Australia and that the Explanatory Memorandum is lodged with the Australia’s regulator of securities markets laws.