Corporations Act 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.2 - GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS  

Division 1 - Compulsory acquisition of securities by 90% holder  

SECTION 664E   HOLDER ' S RIGHT TO OBJECT TO THE ACQUISITION  

664E(1)    

A person who holds securities covered by the compulsory acquisition notice may object to the acquisition of the securities by signing an objection form and giving it to the 90% holder. The objection:

(a)    relates to all securities that are covered by the notice and are held by the person at the end of the objection period; and

(b)    cannot be withdrawn.

664E(2)    

The 90% holder must lodge with ASIC a copy of any objection form given under subsection (1) as soon as practicable after it is given.

664E(3)    
As soon as practicable after the end of the objection period, the 90% holder must:

(a)    prepare a list that sets out:

(i) the names of people who hold securities covered by the compulsory acquisition notice and have objected to the acquisition; and

(ii) details of the securities they hold; and

(b)    lodge the list with ASIC; and

(c)    give a copy of the list to the company; and

(d)    

if the company is listed - give a copy to the relevant market operator.

664E(4)    
If people who hold at least 10% of the securities covered by the compulsory acquisition notice object to the acquisition before the end of the objection period, the 90% holder must give everyone to whom the compulsory acquisition notice was sent under section 664C :

(a)    a notice that the proposed acquisition will not occur; or

(b)    a notice that the 90% holder has applied to the Court for approval of the acquisition under section 664F ;

within 1 month after the end of the objection period.

664E(5)    

An offence based on subsection (2) , (3) or (4) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .