Document ID: chunk:federal_register_of_legislation:F2023C00116:body:0:p5
Version: federal_register_of_legislation:F2023C00116
Segment Type: other
Provision Reference: 
Character Range: 10216–12972

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; or

           (ii) a valuation document which is dated no earlier than 1 month before it is given, is given to eligible participants no later than 14 days prior to exercise or vesting.

    20% issue limit

    19. An unlisted body or a wholly-owned subsidiary of the body that makes an offer covered by this instrument must, at the time of making the offer, have reasonable grounds to believe that the number of underlying eligible products in a class of underlying eligible products that form part of the issued capital of the unlisted body that have been or may be issued in any of the circumstances covered by the following paragraphs will not exceed 20% of the total number of underlying eligible products in that class on issue:

       (a) underlying eligible products that may be issued under the offer;

(b) underlying eligible products issued or that may be issued as a result of offers made at any time during the previous 3 year period under:

           (i) an employee incentive scheme or like scheme of the unlisted body or a wholly-owned subsidiary of the body, where the offers were covered by this instrument or an individual instrument made by ASIC in terms similar to this instrument; or

           (ii) an employee incentive scheme or employee share scheme of the unlisted body or a wholly-owned subsidiary of the body, where the offers were covered by ASIC Class Order [CO 03/184] or an individual instrument made by ASIC in terms similar to that class order.

Trusts

    20. An unlisted body or a wholly-owned subsidiary of the body that makes an offer of an underlying eligible product under an employee incentive scheme in relation to which a trustee holds or will hold the underlying eligible products must ensure:

       (a) the activities of the trustee of the trust in that capacity are limited to employee incentive schemes of the unlisted body or a wholly-owned subsidiary of the body (whether or not the other employee incentive schemes are covered by this instrument);

       (b) the trustee maintains written records on the administration of the trust including, in the case of underlying eligible products being held for a specified eligible participant on an allocated basis, written records that identify the underlying eligible products held on an allocated basis for the specified eligible participant;

           Note: The written records in relation to underlying eligible products held on an allocated basis may take the form of a sub-register administered by or on behalf of