Foreign Acquisitions and Takeovers Regulation 2015 (Cth)

PART 2 - PROVISIONS RELATING TO DEFINITIONS AND RULES OF INTERPRETATION  

SECTION 20   MEANING OF TOTAL ASSET VALUE  

20(1)    
This section prescribes the meaning of total asset value for an entity for section 4 of the Act.

Entities that are not holding entities

20(2)    
The total asset value for an entity that is not a holding entity is the value of the assets mentioned in subsection (5) of the entity.

Note: See also section 23 (value of assets of entities or businesses).

Holding entities

20(3)    
The total asset value for a holding entity that does not prepare financial statements or another document in accordance with subsection 24(2) or (3) is the aggregate value of the assets, mentioned in subsection (5) of this section, of:

(a) the entity; and

(b) each relevant subsidiary of the entity (disregarding any securities in those subsidiaries of the holding entity).

Note 1: See subsections (6) and (7) for valuing stapled securities and the assets of entities operating on a unified basis.

Note 2: See also section 23 (value of assets of entities or businesses).

20(4)    
The total asset value for a holding entity that prepares financial statements or another document in accordance with subsection 24(2) or (3) is the aggregate value of the total assets, mentioned in subsection (5) of this section, set out in the financial statements or other document.

Note: See also section 23 (value of assets of entities or businesses).

Assets of entities that are taken into account

20(5)    
The assets of an entity that are taken into account for the purposes of this section are:

(a) for an Australian entity - the total assets of the entity; and

(b) for a foreign entity - the total relevant Australian assets, and any other assets in Australia, of the entity.

Note: For the definition of relevant Australian assets , see section 4 of the Act.

Entities whose securities are stapled

20(6)    
If any of the securities in an entity (the first entity ) whose assets are valued under this section can only be transferred together with securities in one or more other entities whose assets would not (apart from this subsection) be valued under this section, the value of the assets of the first entity is taken to include the value of the assets mentioned in subsection (5) of the other entities.

Entities operating on a unified basis

20(7)    
If:

(a) an entity (the first entity ) whose assets are valued under this section has entered an arrangement with one or more other entities resulting in the entities being under a legal obligation to operate on a unified basis; and

(b) the value of the assets of the other entities would not (apart from this subsection) be valued under this section;

the value of the assets of the first entity is taken to include the value of the assets mentioned in subsection (5) of the other entities.