Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p11
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 27193–29951

Acquisition of not more than 3% of voting shares permitted in each 6 months
10. Section 15 of the Principal Act is amended by inserting in sub-section (1) ", other than voting shares acquired by the person concerned pursuant to an allotment in relation to which sub-section 14 (1) applies, being an allotment made to the person concerned as a result of his acceptance of an offer made to him in accordance with paragraph 14 (2) (b)" after "entitled" (second occurring).

Take-over offers
11. Section 16 of the Principal Act is amended—
     (a) by omitting from paragraph (2) (c) "an offer is dispatched in a manner approved by the Commission" and substituting "the offeror dispatches an offer in an approved manner";
     (b) by omitting sub-paragraph (2) (f) (iv) and substituting the following sub-paragraph:
         "(iv) specifies, in relation to each class of shares in the target company—
             (a) the total number of shares included in the class; and
             (b) the number of shares included in the class to which the offeror was entitled immediately before the offer was dispatched (which may be expressed as a number of shares or as a percentage of the total number of shares included in the class);"; and
     (c) by omitting sub-paragraph (2) (f) (vii) and substituting the following sub-paragraph:
          "(vii) contains a provision setting out when the obligations of the offeror are to be satisfied, being a provision under which the

         consideration for the offer is, if the offer is accepted, to be paid or provided—
             (a) in the case of an offer that is not subject to a prescribed condition—on or before the thirtieth day after the offer is accepted; or
             (b) in the case of an offer that is subject to a prescribed condition—on or before the thirtieth day after the offer is accepted, or the offer, or the contract resulting from the acceptance of the offer, becomes unconditional, whichever happens later,
         or, if that day is later than the twenty-first day after the end of the period during which the offer would, if it had not been accepted, have remained open, on or before the last-mentioned day; and".

Take-over announcements
12. Section 17 of the Principal Act is amended by omitting from paragraph (10) (b) "a manner approved by the Commission" and substituting "an approved manner".

Registration of Part A statements and offers
13. Section 18 of the Principal Act is amended by inserting after sub-section (2) the following sub-sections:
"(2a) Where a copy of a Part A statement and a copy of a proposed offer are lodged with the Commission for registration under sub-section (1), the Commission may refuse to register the copy of the proposed offer if the proposed offer