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CORPORATIONS ACT 2001 - SECT 702

Treatment of offers of options over securities

                   For the purposes of this Chapter:

                     (a)  an offer of an option over securities is not taken to be an offer of the underlying securities; and

                     (b)  the grant of an option without an offer of the option is taken to be an offer of the option; and

                     (c)  an offer to grant an option is taken to be an offer to issue the security constituted by the option.

Note 1:       If a disclosure document is needed for the option and there is no further offer involved in exercising the option, the issue or sale of the underlying securities on the exercise of the option does not need a disclosure document.

Note 2:       Paragraph (b)--the grant of the option will not require a disclosure document if no consideration is payable on the grant or the exercise of the option (see subsections 708(15) and (16)).



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