Compulsory acquisition notice
(1) To compulsorily acquire securities under
subsection 661A(1) or (3), the bidder must:
- (a)
- prepare a notice in the
prescribed form that:
- (i)
- informs the holders of the securities that the bidder is entitled to
acquire their securities under that subsection; and
- (ii)
- informs the holders about the compulsory acquisition procedure under this
Part, including:
(A) their right under section 661D to obtain the names and addresses of
everyone else the bidder has given the notice to; and
(B) their right under section 661E to apply to the Court
for an order that the securities not be compulsorily
acquired; and
- (b)
- lodge the notice with ASIC; and
- (c)
- give the notice to each other person who is:
- (i)
- a holder of securities in the bid class; or
- (ii)
- if the bidder elects under paragraph 661A(4)(c) to acquire securities
that come to be in the bid class after the notice is givena holder of
the convertible securities referred to in that paragraph; and
- (d)
- give a copy to each relevant securities exchange on the same day as it is
lodged with ASIC if the target is listed.
If alternative forms of consideration were offered under the takeover bid, the
notice must specify which of those forms of consideration will apply to the
acquisition of the holder's securities if the holder does not elect one of the
forms under paragraph 661C(2)(a).
- Note: Everyone who holds bid class securities on the day on which the notice
is lodged with ASIC is entitled notice. Under section 661E, anyone who
holds the securities after that day may apply to the Court to stop the
acquisition.
Time for dispatching notices to holders
(2) The bidder must dispatch the
notices under paragraph (1)(c):
- (a)
- during the offer period, or within
1 month after:
- (i)
- the end of offer period if the acquisition is under subsection 661A(1); or
- (ii)
- the court approval if the acquisition is under subsection 661A(3); and
- (b)
- on the day the bidder lodges the notice with ASIC or on the next business
day.
The notices cannot be withdrawn.
Manner of giving notice to holders
(3) The bidder may give the notice to a
holder:
- (a)
- personally; or
- (b)
- by sending it by post to the address for the holder in the register of
members, debenture holders or option holders.
A notice sent by post is taken to be given 3 days after it is posted.
(4) The notice may be sent:
- (a)
- if the notice is to be sent to the holder
outside Australiaby pre-paid airmail post or by courier; or
- (b)
- if the notice is to be sent to the holder in Australiaby pre-paid
ordinary post or by courier.
This section does not limit the manner in which the notice may be sent to the
holder.
- Note: Section 109X makes general provision for service of documents.