Document ID: chunk:federal_register_of_legislation:F2024C00455:body:0:p3
Version: federal_register_of_legislation:F2024C00455
Segment Type: other
Provision Reference: 
Character Range: 5233–7865

has, before or at the same time as an acceptance of the offer extended under subsection (2), given a notice complying with subsection (2C) to the bidder in relation to the parcel.
(2C) A notice complies with this subsection in relation to a parcel of securities if the notice is signed by the holder of the securities and states:
(a) as applicable:
(i) that the holder holds the parcel in their own right; or
(ii) where the parcel is held by the holder as trustee or nominee for, or otherwise on account of, one or more beneficiaries—the name and address of each beneficiary; and
(b) if the holder holds the parcel as trustee or nominee for, or otherwise on account of, one or more beneficiaries—the date (and if that date is the same as the date the bid was publicly proposed—the time of day) the holder reasonably believes each beneficiary acquired a beneficial interest in the parcel; and
(c) if the holder holds the parcel in their own right—the date (and if that date is the same as the date the bid was publicly proposed—the time of day) the holder acquired a legal interest in the parcel.
(2D) In subsection (2A):
minimum parcel, in relation to quoted securities, means:
(a) if a "marketable parcel" or "minimum parcel" is defined in the rules governing the operation of the relevant prescribed financial market on which the securities are quoted—a marketable parcel or minimum parcel as defined in those rules;
(b) otherwise—a parcel of the securities valued at not less than $500 based on the closing price of the securities on the relevant prescribed financial market.";
 (c) omit subsection 619(3), substitute:

"Foreign holders
(3) If the consideration for the bid includes an offer of securities, the securities do not need to be offered to foreign holders of the target's securities, or such of those foreign holders as are specified in the bidder's statement,  if under the terms of the bid:
(a) the bidder must appoint a nominee for those foreign holders who is approved by ASIC; and
(b) the bidder must transfer to the nominee:
(i) the securities that would otherwise be transferred to the foreign holders, or specified foreign holders, who accept the bid for that consideration; or
(ii) the right to acquire those securities; and
(c) the nominee must sell the securities, or those rights, and distribute to each of those foreign holders their proportion of the proceeds of the sale net of expenses.
Small parcels
(4) If the consideration for the bid includes an offer of quoted securities, the securities do not need to be offered to holders of the target's securities who would otherwise be offered a small parcel