Document ID: chunk:federal_register_of_legislation:C2004A03309:body:0:p17
Version: federal_register_of_legislation:C2004A03309
Segment Type: other
Provision Reference: 
Character Range: 38963–41635

the consideration for which the offeror or on-market offeror proposes to acquire shares included in that class (whether or not as a result of the acceptance of a proposed offer under the take-over scheme, or of an offer constituted by the proposed take-over announcement, as the case may be) during the period during which the proposed take-over offers, or offers constituted by the proposed take-over announcement, as the case may be, remain open, or for which the offeror or on-market offeror proposes to acquire such shares pursuant to section 42 or 43,
the relevant person contravenes this sub-section.
"(3) An agreement is void to the extent that it purports to provide for—
(a) a person to give, offer to give, or agree to give, a benefit to a person; or
(b) a person to receive, or agree to receive, a benefit from a person, in contravention of sub-section (1) or (2).
"(4) In this section—
'agreement' means any agreement, arrangement or understanding—
(a) whether formal or informal or partly formal and partly informal;
(b) whether written or oral or partly written and partly oral; and
(c) whether or not having legal or equitable force and whether or not based on legal or equitable rights;

'benefit' means a benefit whether by way of payment of cash or otherwise.".

Provisions relating to dissenting shareholders
11. Section 42 of the Principal Act is amended by omitting from paragraphs (1) (a) and (2) (a) "in respect of shares included in a class of shares by an offeror who proposes to acquire all the shares included in that class" and substituting "under a take-over scheme in accordance with subparagraph 16 (2) (a) (i) in respect of shares included in a class of shares".

Offences
12. Section 53 of the Principal Act is amended by inserting in sub-section (4) "31b," before "44".

PART III—AMENDMENTS OF COMPANIES ACT 1981

Principal Act
13. The Companies Act 19812 is in this Part referred to as the Principal Act.

Substantial shareholdings, substantial shareholders, notifiable changes, &c.
14. Section 136 of the Principal Act is amended by adding at the end the following sub-sections:
"(10) For the purposes of this Division, a notifiable change in the entitlement of a person to shares in a company shall be taken to occur if, and only if, there occurs a change in the relevant interest or relevant interests of the person, or in the relevant interest or relevant interests of an associate of the person, in voting shares in the company.
"(11) For the purposes of sub-section (10), but without limiting the generality of that sub-section, where a person acquires, or disposes of, voting shares in a company, a change in the relevant interest