New Zealand Foreign Investment Fund Rules

RNS Number : 2901H

Guinness Peat Group PLC

25 May 2011

 



GUINNESS PEAT GROUP plc

ANNOUNCEMENT

In accordance with Regulations affecting companies with shares listed on the London Stock Exchange and the Australian Securities Exchange we attach herewith for information only a copy of an Announcement made on the New Zealand Stock Exchange today.

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

25 May 2011

GUINNESS PEAT GROUP plc

ANNOUNCEMENT

NEW ZEALAND FOREIGN INVESTMENT FUND RULES

In 2007, the New Zealand Government (the "Government") introduced a new regime for taxing offshore portfolio investments, known as the foreign investment fund rules (the "FIF rules").

At that time the Government announced that companies including Guinness Peat Group plc with a significant New Zealand shareholding and that met certain other criteria would be exempt from the FIF rules for five years.  The temporary exemption is set to expire at the end of the 2011/12 income year. This exemption was to provide qualifying companies sufficient time to consider shifting their headquarters to New Zealand.

The Government has now indicated that it plans to let the exemption expire at the end of the 2011/12 income year.

Enquiry details are:
New Zealand media:	Geoff Senescall on:	[phone]
Australian media:	Andrew Stokes on:	[phone]
UK media:	Kevin Smith on:	[phone]

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

25 May 2011

 

END

 

 

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