Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p165
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 165/212)
Character Range: 432631–435184

and when the company's obligations are to be satisfied.

  "(9) The offers must relate only to shares in the company.

"(10) Each offer must specify, in relation to each class of shares (including shares other than ordinary shares) in the company:

     (a) the total number of shares in the class as at the time immediately before the first of the offers is sent; and

     (b) in the case of a class of ordinary shares—the number of shares (if any) in the class that, as at that time, have been bought back but not yet cancelled (which may be expressed as a number of shares or as a percentage of the number referred to in paragraph (a)).

"(11) Each offer must relate to a proportion of the shares in the company that the offeree holds and that proportion must be the same in respect of each offer.

SCHEDULE 5—continued

  "(12) The offers must be the same disregarding:

     (a) the fact that the number of shares that may be acquired under each offer is limited by the number of shares held by the offeree; and

     (b) any differences in the consideration specified for each share in the offers that are attributable only to one or both of the following:

         (i) the fact that the offers relate to shares having different accrued dividend entitlements;

         (ii) the fact that the offers relate to shares on which different amounts (whether by way of capital or premium) are paid up.

"(13) The offeror must send an offer in an approved manner to each person who holds shares in the company when the first of the offers is sent.

"(14) Section 607 has effect for the purposes of subsection (13) of this section as if that subsection were a provision of Chapter 6.

Withdrawal or variation of buy-back offers

"206fc. A buy-back offer is not capable of being withdrawn or varied without the Commission's written consent, which may be given subject to such conditions (if any) as are specified in it.

Avoiding odd lots

  "206fd. Where, at a particular time:

  (a) an offer has been made under a buy-back scheme; and

  (b) the company is a listed body; and

  (c) the offer is accepted; and

     (d) a proportion of the shares, being the proportion to which the offer does not relate, consists of an odd lot of shares or consists of a marketable parcel or marketable parcels of shares and an odd lot of shares;

the offer is, except for the purposes of subsection 206fb (11) and this section, to be taken always to have related to, to relate to, and to have been accepted in relation to, a number of shares in the company equal to