REL: 0830 HRS Rakon Limited
S/PRICE: RAK: Share Price Enquiry
SHARE PRICE ENQUIRY
We write with respect to the continuous disclosure Listing Rules.
Listing Rule 10.1.1 is set out in the Schedule to this letter. In summary,
this rule requires issuers to immediately disclose any Material Information
to NZX. The rule provides limited exceptions to this obligation. Material
Information does not need to be disclosed where a reasonable person would not
expect the information to be disclosed and where the information is
confidential and its confidentiality is maintained and where one of five safe
We note that Rakon Limited ordinary shares ("RAK") traded today on the NZSX
Market at $0.90 per share. This is a decrease of 23 cents per share (20%)
since market close on Wednesday 3 February 2010.
Given this price movement please immediately advise NZX whether RAK continues
to comply with Listing Rule 10.1.1.
Could you please immediately provide NZX with an answer to the above question
(email: email@example.com) before 9.30am tomorrow, Thursday 18 February 2010.
Please note that RAK's response to this letter will be published in full to
Head of Market Supervision
RESPONSE OF RAKON LIMITED TO SHARE PRICE ENQUIRY
In response to your letter dated 17 February 2010 we confirm Rakon Limited
(RAK) continues to
comply with its continuous disclosure obligations and is comfortable with the
guidance given to date.
Chief Executive Officer
10.1.1 Continuous Disclosure of Material Information: Without limiting any
other Rule, every Issuer shall:
(a) once it becomes aware of any Material Information concerning it,
immediately release that Material Information to NZX, provided that this Rule
shall not apply when:
(i) a reasonable person would not expect the information to be disclosed;
(ii) the information is confidential and its confidentiality is
(iii) one or more of the following applies:
(A) the release of information would be a breach of law; or
(B) the information concerns an incomplete proposal or negotiation; or
(C) the information comprises matters of supposition or is insufficiently
definite to warrant disclosure; or
(D) the information is generated for the internal management purposes of
the Issuer; or
(E) the information is a trade secret.
In this Rule 10.1.1, an Issuer is aware of information if a Director or an
executive officer of the Issuer (and in the case of a Managed Fund, a
Director or executive officer of the Manager) has come into possession of the
information in the course of the performance of his or her duties as a
Director or executive officer.
End CA:00191297 For:RAK Type:S/PRICE Time:2010-02-18:08:30:17