CORPORATIONS ACT 2001
Offers under a market bid must be unconditional.625(2) Off-market bids may generally be conditional.
Offers under an off-market bid may be subject to conditions that are not prohibited by sections 626 to 629.625(3) [ Rules in relation to quoted securities]
(a) the consideration offered is or includes securities; and
(b) the offer or the bidder's statement states or implies that the securities are to be quoted on a financial market (whether in Australia or elsewhere);
the following rules apply:
(c) the offer is subject to a condition that:
(i) an application for admission to quotation will be made within 7 days after the start of the bid period; and
(ii) permission for admission to quotation will be granted no later than 7 days after the end of the bid period;
(d) the offer may not be freed from this condition.
Note: Section 1325A provides that a Court may make a remedial order if the condition is not satisfied.
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