Regulator provides update on CBL administration

CBL Corporation Limited’s voluntary administrators have
confirmed they will focus on satisfying the requirements of the
Companies Act and other obligations relevant for the duration of
the administration.

According to the administrators, Neal Jackson and Brendon
Gibson of KordaMentha, in an announcement from the New
Zealand Exchange (NZX), they will release market announcements
relating to their administrator’s reports that have been prepared
or filed under the Companies Act 1993. CBL, on the other hand,
will not be making any additional announcements.

On February 23, CBL was placed into voluntary administration.
Weeks before this, the company’s shares were suspended by the
NZX.
Should the administrators of CBL seek to have the firm’s shares
removed from suspension, NZX said, the suspension will only be
lifted:
If NZX Regulation is satisfied that all information that
is required to be released to the market, has been
released to the market; and
Otherwise at the discretion of NZX.

“CBL is party to a listing agreement with NZX Limited, under
which it has agreed to comply with the NZX Listing Rules. NZX
reserves the right to take appropriate action in respect of CBL’s
non-compliance, in accordance with Our Approach to
Enforcement,” it said.