Document ID: chunk:federal_register_of_legislation:C2004A02380:body:0:p8
Version: federal_register_of_legislation:C2004A02380
Segment Type: other
Provision Reference: 
Character Range: 17280–19274

"(7a) The Commission shall not make a declaration under sub-section (3) or (4) unless it is satisfied that as a result of the conduct to which the declaration relates—
         (a) the shareholders and directors of a company did not know the identity of a person who proposed to acquire a substantial interest in the company;
         (b) the shareholders and directors of a company did not have a reasonable time in which to consider a proposal under which a person would acquire a substantial interest in the company;
         (c) the shareholders and directors of a company were not supplied with sufficient information to enable them to assess the merits of a proposal under which a person would acquire a substantial interest in the company; or
         (d) the shareholders of a company did not have equal opportunities to participate in any benefits accruing to shareholders under a proposal under which a person would acquire a substantial interest in the company.".

Schedule
18. The Schedule to the Principal Act is amended—
     (a) by inserting after clause 5 of Part A the following clause:
      "5a. The statement shall set out particulars of the offeror's intentions regarding—
         (a) the continuation of the business of the target company;
         (b) any major changes to be made to the business of the target company, including any redeployment of the fixed assets of the target company; and
         (c) the future employment of the present employees of the target company."; and
     (b) by adding at the end of Part C the following clause:
      "5. The statement shall set out particulars of the on-market offeror's intentions regarding—
      (a) the continuation of the business of the target company;
      (b) any major changes to be made to the business of the target company, including any redeployment of the fixed assets of the target company; and
      (c) the future employment of the present employees of the target company.".

note
1. No. 64, 1980.