New Zealand

Posted By Steve On Wednesday, October 28th, 2009 With 0 Comments

New Zealand Exchange Equities

Trading Hours (local time)

Equities:
Monday to Friday:
Enquiry: 08:00 – 09:00
Pre-open: 09:00 – 10:00
Normal Trading: 10:00 – 16:45
Pre-close 16:45-17:00
Adjust: 17:00 – 17:30
Enquiry: To 17:30

Futures:
Monday:
Enquiry: 1:30am – 1:40am
Pre-open: 1:40am – 8:00am
Normal Trading: 8:00am – 3:58pm
Pre-close: 3:58pm – 4:00pm
Close: 4:00pm – 4:30pm
Enquiry: 4:30pm

Tuesday – Friday:
Enquiry: 1:30am – 1:40am
Pre-open: 1:40am – 2:00am
Normal Trading: 2:00am – 3:58pm
Pre-close: 3:58pm – 4:00pm
Close: 4:00pm – 4:30pm
Enquiry: 4:30pm

Options:

Monday:
Enquiry: 1:30am – 1:40am
Pre-open: 1:40am – 8:00am
Normal Trading: 8:00am – 4:00pm
Pre-close: 4:00pm – 4:02pm
Close: 4:02pm – 4:30pm
Enquiry: 4:30pm

Tuesday – Friday:
Enquiry: 1:30am – 1:40am
Pre-open: 1:40am – 2:00am
Normal Trading: 2:00am – 4:00pm
Pre-close: 4:00pm – 4:02pm
Close: 4:02pm – 4:30pm
Enquiry: 4:30pm

Note: Daylight Saving begins at 02:00 on the first Sunday in October and ends at 02:00 on the third Sunday in March.

Security Identifiers
ISIN (International Securities Identification Numbering): Yes

Other: Securities on the NZX are also identified by a five-character alpha code (three character code for ordinary shares).

Instruments
Equities: Ordinary shares, preference shares, redeemable preference shares, warrants
Debt: New Zealand government stocks, local authority loan stocks, debentures, unsecured notes, convertible notes
Money Market: Reserve bank bills, treasury bills, bank accepted bills, certificates of deposit, commercial paper
Physical: Not applicable
Other: Options and rights (renounceable / non-renouceable)

Board Lots

Share Price Lot
NZD 0 – 0.25 2,000
NZD 0.26 – 0.50 1,000
NZD 0.51 – 1.00 500
NZD 1.01 – 2.00 200
NZD 2.01 – 5.00 100
NZD 5.01 – 10.00 50
NZD 10.01 and over 25

Debt: Varies by issue

Dividend Payment Frequency:
Semi-annual or quarterly.

Interest Payment Frequency:
Semi-annual or quarterly.

Interest Accrual Rate:Actual/actual basis.

Corporate Actions

Common Events: Dividend reinvestment plans (DRPs), rights and bonus issues, takeover offers, capital returns, proxy voting
Rights Tradeable: Certain foreign investors, including residents of Canada and the United States may be prohibited from participating in rights issues
New Shares from Exercised Rights: Received within 1 week.

Foreign Investor Restrictions:
Unrestricted voting rights.

Shares Blocked:
No.

Meeting Notices/
Agendas

Provided in English. Annual general meetings and extraordinary general meetings are usually announced one month in advance.

Meeting Outcome
Advised to all holders who voted or to all holders where outcome impacts a corporate action event.

Company Reports
On request, subject to availability

Power of Attorney:
Not required.

Other: Not applicable

Foreign Ownership
Market Entrance Requirements:
None.

Investment
Restrictions

Foreign investors must receive consent from the Overseas Investment Commission to acquire 25% or more of the voting rights in a company if the transaction value exceeds NZD50 million, or if the total assets of the company exceed NZD50 million.

Foreign investors can hold only 15% of broadcast media shares (25% on approval). Aggregate foreign investment in Air New Zealand is limited to 49%.

Individual foreign investment in Telecom New Zealand is limited to 10% of the company’s voting shares.

Repatriation Policy
Funds can be repatriated freely.

Securities Lending

Yes, but there are possible tax implications for foreign investors. There is no formal mechanism.

Taxation

Dividend Tax Rate
30% withholding tax, reduced to 15% for countries that have a tax treaty in place.

Interest Tax Rate
Interest income is taxed at 15%, but can be reduced to 0% for government debt. Under the Approved Issuer Levy Regime, non-resident investors have the option to pay a 2% levy up-front, instead of the usual non-resident tax rate. For government debt, the Debt Management Office pays the levy on behalf of the investor. Interest is effectively paid gross.

Capital Gains Tax Rate: Foreign investors are exempt.

Tax Treaties

Australia
Belgium
Ireland
Italy
SwedenSwitzerland
Canada Japan Taiwan
China Malaysia Thailand
Denmark Norway The Netherlands
Fiji Poland The Philippines
Finland Republic of Korea United Arab Emirates
France Russian Federation United Kingdom
Germany Singapore United States of America
India South Africa
Indonesia Spain

Stamp Duty: None

Other Taxes: None

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