Document ID: chunk:federal_register_of_legislation:C2023A00076:clause:5_609a:p1
Version: federal_register_of_legislation:C2023A00076
Segment Type: clause
Provision Reference: sch 5 cl 609A (pt 1/3)
Character Range: 307009–309701

609A  Another situation not giving rise to relevant interests—acceptance facility

Securities the subject of an acceptance facility
 (1) A bidder for a takeover bid does not have a relevant interest in bid class securities merely because those securities are the subject of an acceptance, in relation to a facility, that is given to the operator of the facility if:
 (a) the offer under the takeover bid for those securities has not been accepted; and
 (b) the facility is covered by subsection (2); and
 (c) in the case where bid class securities are quoted on a prescribed financial market—for every movement of at least 1% in the aggregate level of the bidder's voting power and the votes attached to bid class securities the subject of acceptances in relation to the facility, the bidder provides to the relevant market operator, by 9.30 am on the next trading day after the movement, a notice (whether accompanying a notice required to be given under section 671B or otherwise) that meets the requirements of subsection (4) of this section; and
 (d) in the case where bid class securities are not quoted on a prescribed financial market—the bidder lodges with ASIC a notice that meets the requirements of subsection (4) of this section within 2 business days after the aggregate level of the bidder's voting power and the votes attached to bid class securities the subject of acceptances in relation to the facility rise or fall above or below a percentage listed in subsection 654C(1).

Facility requirements
 (2) The facility is covered by this subsection if:
 (a) it is the only facility established by the bidder in relation to bid class securities; and
 (b) the operator of the facility is not the bidder or an associate of the bidder; and
 (c) the operator holds an Australian financial services licence that covers the provision of financial services of the kind necessary to operate the facility; and
 (d) a participant in the facility may give the operator acceptances in relation to the facility; and
 (e) the terms of the facility permit the operator to maintain custody of an acceptance in relation the facility given to the operator by a participant in the facility until:
 (i) the participant withdraws the acceptance; or
 (ii) any condition of a kind specified in subsection (3) that is specified in the facility is satisfied; and
 (f) the terms of the facility provide that the facility:
 (i) if the bid is unconditional—must be made available to all holders of bid class securities or persons on whose behalf bid class securities are held; or
 (ii) otherwise—must be made available to all or specified holders of bid class securities or persons on whose behalf bid class