NEW ZEALAND GAZETTE

No. 22

In this example, Merchant Bank has a position of 53 bought, and 13 sold call and put options on the NZSE-40 Share Price Index.

The net unrealised profit position of Merchant Bank is indicated in the margin column. The premium value indicates the maximum profit that could be received by the option writer (seller) at the expiration of the option contracts (the declaration date).

If, on the expiration date, there is a debit margin (i.e., loss), that amount will be deducted from the premium value before any profit is realised.

(2) Subclause 6 (5) of this determination refers to a Subscriber Screen Broadcast that quotes prices for Futures Contracts or Option Contracts. Such a service is commonly provided by companies such as Reuters, Telerate and Bloomberg LP. The following are examples of Subscriber Screen Broadcast pages provided by Telerate New Zealand Limited and Reuters New Zealand Limited:

(a)

06/08 0:19 GMT [ SFE 3 YR T-BOND FUTURES ] PAGE 6182

MONTH GMT BID ASK (LAST) PREV PREV HIGH LOW VOL P SET
1 2 3

Sep 92 00:19 93.57 93.58 93.58 93.58 93.60 93.55 4568 93.60
Dec 92 00:19 93.12 93.14 93.13 93.13 93.13 93.14 25 93.14
Mar 93 21:03
Jun 93 21:03

S = Settlement Price
P SET = Previous Settlement Price

This is an example of a Subscriber Screen Broadcast page provided by Telerate New Zealand Limited. It shows price information for the three year T-Bond futures contract traded on the Sydney Futures Exchange.

Two maturities are quoted—the September 1992 contract, and the December 1992 contract.

The market price for the September 1992 three year T-Bond futures contract is 93.58 (or 6.42%) being the LAST price at which trades occurred.

(b)

0#VTT: 3 YR T BOND SFE AUD

MTH LAST BID ASK HIS.CL SETTLE.CL.BD CLAS OPEN HIGH LOW VOLUM TIME
Sep 2 93.58 93.58 93.60 93.59 93.60 93.58 93.58 4571 12:20
Dec 2 93.13 93.12 93.14 93.14 93.13 93.15 93.13 25 11:02

This is an example of a Subscriber Screen Broadcast provided by Reuters New Zealand Limited, relating to the same Futures Contract as in paragraph 7 (2) (a) above. The market price for the September 1992 three year T-Bond futures contract is 93.58 (or 6.42%), being the LAST price.

(c)

FSEZ9 EURODOLLAR DEC 9 0 LIF USD 15 NOV 92 02:58
LAST LAST 1 LAST 2 LAST 3 LAST 4 BID ASK
91.70 91.70 91.69 91.70 91.69 91.70 91.69

NET.CHNG CLS:14 NOV 89 OPEN HIGH LOW OPE.BID OPE.ASK
-0.02 91.68 91.69 91.71 91.69 91.69 91.70

SETTLE VOLUME OPEN INT CNT.HIGH CNT.LOW RTR.NEWS N/TIME
91.70 1674 24459 130.01 71.24

CNT.XPRY LOT.SIZE LIMIT STATUS BKGRND
18 DEC 89 1M USD O/C/

This is a different example of a Subscriber Screen Broadcast page provided by Reuters New Zealand Limited. It shows market prices for a Eurodollar Futures contract maturing in December 1989 as traded on the London International Financial Futures Exchange.

The market price of the contract is 91.70, being the LAST traded price and identified by the description “LAST” (as distinguished from “LAST 1”, “LAST 2” etc.). The closing price for the previous trading day is 91.68.

This determination is signed by me on the 22nd day of January in the year 1993.

R. D. ADAIR, Deputy Commissioner of Inland Revenue.

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Internal Affairs

Gaming and Lotteries Act 1977

Appointment to the New Zealand Lottery Grants Board, vice Mrs Lee Burdon

Pursuant to section 116c (3) of the Gaming and Lotteries Act 1977, Her Excellency the Governor-General has been pleased to appoint

Mrs Elizabeth Ann Clayton Batchelor, physiotherapist of Otago

as a member of the New Zealand Lottery Grants Board, vice Mrs Lee Burdon, for a term of office commencing immediately and expiring on the 16th day of September 1994.

Dated at Wellington this 9th day of February 1993.

GRAEME LEE, Minister of Internal Affairs.

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Re-Appointment to the New Zealand Lottery Grants Board

Pursuant to section 116a (2) (d) of the Gaming and Lotteries Act 1977, Her Excellency the Governor-General has been pleased to re-appoint

Mr Tony Farrington, company director of Wellington

as a member of the New Zealand Lottery Grants Board for a term of office commencing on the 17th day of September 1992 and expiring on the 17th day of September 1995.

Dated at Wellington this 9th day of February 1993.

GRAEME LEE, Minister of Internal Affairs.

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Justice

Companies Act 1955

Notice Prohibiting Person From Managing Companies

(Section 189A Companies Act 1955)

To: Morris Leslie Sands, formerly of 41 Spencer Street, Crofton Downs, Wellington, now of 37 Huntington Street, Wilton, Wellington.

Pursuant to section 189A of the Companies Act 1955, and with the authority of the Securities Commission, I, Neville Owen Harris, Registrar of Companies, hereby prohibit Morris Leslie Sands of 37 Huntington Street, Wilton, Wellington, from being an officer or promoter of a company, or being concerned in, or taking part (whether directly or indirectly) in the management of, any company from the date this notice is served on you until (and including) 5 August 1996.

Dated at Wellington this 8th day of February 1993.

[L.S.]

N. HARRIS, Registrar of Companies.

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