Corporations Act 2001
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 returning 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(b) cannot be withdrawn. 664E(2)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 returned under subsection (1) as soon as practicable after it is returned.
[ CCH Note: S 664E(2) will be amended by No 69 of 2020, s 3, Sch 1 and [ 1045], by substituting " the Registrar " for " ASIC " and inserting " Lodgement of the copy must meet any requirements of the data standards. " at the end of subsection, (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
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.
[ CCH Note: S 664E(3) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " in para (b) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
[ CCH Note: S 664E(3A) will be inserted by No 69 of 2020, s 3, Sch 1 (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 664E(3A) will read:
Lodgement of the list with the Registrar must meet any requirements of the data standards.]
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 .
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