9 October 2018
Eight Peaks Group PLC (the "Company")
Investee Company Update
Further to the announcement made on 23 April 2018 and also included in the Company's Annual Report and Accounts for the year ended 31 March 2018, the Company clarifies the status of its investee company's regulatory authorities. IBS, the operating subsidiary of IBS Corporation, has been registered as a New Zealand building society under the Building Societies Act 1965 ("Act") by the Registrar of Building Societies in New Zealand. As such, IBS has the authorities to carry out the activities specified in the Act subject to the provisions of the Act and any other applicable legislation and regulation as discussed further below.
IBS does not intend to undertake activities for retail investors nor act as a non-bank deposit taker. Consequently, IBS is not required to be licenced by the New Zealand Financial Markets Authority, nor is it subject to Prudential Regulation by the Reserve Bank of New Zealand.
IBS is not currently registered as a financial services provider under the Financial Service Providers (Resolution and Dispute Resolution) Act 2008. IBS expects that it will be required to register before undertaking any activities and is currently taking advice on this matter
As IBS develops its business, it will review and take advice as appropriate in respect of compliance with relevant regulations, and where its conduct or activities require, it will obtain any necessary licences and/or registrations.
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Eight Peaks Group PLC
Zafar Karim / Thomas Reuner
020 8201 3536
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Grant Thornton UK LLP
Colin Aaronson / Harrison Clarke / Seamus Fricker
020 7383 5100
S.P. Angel Corporate Finance LLP
Richard Parlons / Richard Morrison
020 3470 0470
About Eight Peaks Group PLC
Eight Peaks Group PLC focuses on assisting companies and making investments which exhibit the potential to generate returns of many multiples through capital appreciation. Typically, Eight Peaks takes stakes in small companies where there are clear catalysts for value appreciation and the companies are operating in sectors exhibiting long term growth. Examples of such sectors include technology, energy and natural resources.
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