Document ID: chunk:federal_register_of_legislation:F2023C00116:body:0:p4
Version: federal_register_of_legislation:F2023C00116
Segment Type: other
Provision Reference: 
Character Range: 7681–10445

no later than 1 month after the day the body first relies on this instrument in relation to the particular employee incentive scheme.

    Disclosure

    17. An unlisted body or a wholly-owned subsidiary of the body that makes an offer under an employee incentive scheme must ensure that:

       (a) the offer is made in, or is accompanied by, an offer document; and

       (b) the offer document is accompanied by:

           (i) a copy of the annual report; and

           (ii) a copy of a directors' solvency resolution made no earlier than 1 month  before the making of the offer; and

           (iii) a copy of a directors' valuation resolution made no earlier than 12 months before the making of the offer and being the most recent directors' valuation resolution; and

       (c) if requested by an eligible participant at any time during the period the eligible participant is participating in the employee incentive scheme—the eligible participant is given, within 4 months after making the request, a copy of the annual report.

    Terms of offer

    18. An unlisted body or a wholly-owned subsidiary of the body that makes an offer of an eligible product to an eligible participant under an employee incentive scheme must ensure that:

       (a) the value of all offers of eligible products to any eligible participant in any 12 month period is not greater than $5,000, calculated by reference to the most recent directors' valuation resolution; and

       (b) no more than nominal monetary consideration is to be provided by the eligible participant for the issue or transfer of eligible products; and

       (c) if the offer is or includes an offer of options or incentive rights and more than nominal monetary consideration is required to be provided by the eligible participant in order for the options to become exercisable or for the incentive rights to vest—the options do not become exercisable, and the incentive rights do not vest, unless:

            (i)                 both of the following are satisfied:

               (A)        fully paid voting ordinary shares of the body are in a class of shares that have been able to be traded on any of the eligible financial markets specified in column 1 of Table A of ASIC Class Order [CO 14/1000] for a period of at least 3 months;

               (B)        trading in that class of shares was not suspended for more than a total of 5 days during:

                   (I) if the class of shares have been able to be traded for a period of at least 12 months—the most recent period of 12 months during which the class of shares have been able to be traded;

                   (II) if the class of shares have been able to be traded for a period of less than 12 months—that period;