The decision of the Securities Commission in respect of an appeal under Section 69 Securities Act 1978 by Power New Zealand Limited against a decision of the Registrar to refuse registration of the prospectus.
The Commission confirmed with the registrar's decision and opinion that the prospectus omitted a material particular, namely, that one of Power's directors, Mr Barry Brill, was a former director of Supercool Refrigeration and Engineering (1991) Limited (In Receivership) and (In Liquidation) ("Supercool").
A quorum of the Commission heard an appeal by Power New Zealand Limited under section 69 Securities Act 1978 against a decision of the Registrar of Companies concerning a prospectus relating to an offer of shares in Power which had been delivered to the Registrar for registration.
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