Terms and Conditions

• The sharemarket challenge Terms and Conditions apply.

Challenge Variations

• Individual Portfolio Challenge and Trader Challenge conditions apply to the relevant variations of the Challenge.

Share Types

• Only ordinary shares which trade at over 25c of New Zeland Listed Issuers which are listed on the NZSX Market may be bought or sold.

Minimum Holdings

• Minimum holdings (i.e. smallest number of shares you can hold in a company) apply and depend on the price of the stock, see below:
• up to $0.50 1,000 shares
• up to $1.00 500 shares
• up to $2.00 200 shares
• up to $5.00 100 shares
• up to $10.00 50 shares
• above $10.00 25 shares

Prices

• All share prices are based on 20 minute delayed quotes from the NZSX Market. Any attempt to profit from a price moving announcement made to NZX within the 20 minute delay will result in the affected trade being cancelled by NZX.

Orders

• An order to buy or sell shares may be placed at any time during the Challenge period. Orders that can be filled will be processed continuously from the time the NZX market is open to the time the NZX market closes. Orders placed when the NZX market is closed will be processed at the opening trade price on the next trading day.

• At market orders are permitted; at limit orders and short-selling are not permitted.

Dividends and Bonus Shares

• To receive dividends and bonus shares, the syndicate must already have holdings in the relevant company at the close of trade on the day prior to the record date for those dividends and bonus shares.

Trading Halts

• In the event that a stock is placed in a trading halt on the NZX market, the corresponding stock will be placed in a trading halt in the Challenge. This stock can not be bought or sold until the trading halt has been lifted.

Suspensions

• If a company on the company list is suspended on the NZX market, each syndicate's holding in that stock will be suspended for the purposes of the Challenge.

Delisting

• In the event that a share is delisted on the NZX market, the corresponding stock will be delisted in the Challenge. Syndicates may receive compensation if the shareholders of that company receive compensation. The Challenge co-ordinator has sole discretion to determine whether syndicates who hold shares in a company that has delisted will receive the same terms of that delisting as the shareholders of the company receive.

Takeovers

• In the event of a ‘full' or ‘partial' takeover bid for a company, syndicates will not be eligible to participate in any takeover offer that would otherwise be available to shareholders of that company on the NZX market.

Reconstructions

• At any time, a company on the NZX market may change or reorganise the way in which its shares are issued. In such case, the Challenge co-ordinator has sole discretion to determine whether syndicates who hold shares in a company that has undertaken a reconstruction will receive the same terms of that reconstruction as the shareholders of the company receive.

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