Corman Oil Limited appealed to Securities Commission against a decision of Registrar of Companies to refuse registration of Corman Oil Limited prospectus dated 2 February 2010, in accordance with section 42 of the Securities Act 1978.
The Commission confirmed the Registrar's refusal to register the prospectus.
Commission concluded that there was sufficient reason to refuse to register the prospectus on the ground that it is misleading as to a material particular or (in the case of the valuation information) fails to comply with the Securities Act and Securities Regulations. And, the prospectus falls well short of the standard required for registration.
Securities Commission received notice of an appeal by Corman Oil Limited.
The appeal relates to a prospectus for an offer of equity securities in a New Zealand registered company, Corman Oil. According to the prospectus, the offer seeks to raise $25 million and can proceed if a minimum of $3 million is raised. Corman Oil is newly incorporated and has not commenced business.
Registrar refused registration of Corman Oil Limited prospectus dated 2 February 2010.