Increased Clarity as to Habital Investors

This news snip just in from the Simpson Grierson Corporate Advisory team.

“Last week Dan McEwan was convicted of offences under the Securities Act 1978 (Act). In delivering its judgment, the court clarified who qualifies as an “habitual investor” under the Act.

This is an important judgment, as it is the first time a court has attempted to define who may be considered an “habitual investor”, not requiring the protections afforded by the Act.

However, the decision of the District Court (Ministry of Economic Development v Stakeholder Finance Limited, Agnes Water Acquisitions Limited and Robert Daniel McEwan, District Court, Auckland CRI 2007-004-028150, 9 December 2008, Cunningham J) is expected to be appealed to the High Court.

To find out more read Simpson Grierson latest Corporate Advisory FYI (December 2008).

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: