Document ID: chunk:federal_register_of_legislation:F2023L01305:body:0:p2
Version: federal_register_of_legislation:F2023L01305
Segment Type: other
Provision Reference: 
Character Range: 2614–5375

619(3) of the Act; or
(b) offered for sale through a security sale facility; or
(c) offered for sale through a takeover-related small parcel sale facility; or
(d) issued under a right to acquire securities that has been transferred or offered in accordance with paragraph (a), (b) or (c).
Note: Subsection 619(3) is notionally substituted into the Act by ASIC Corporations (Takeover Bids) Instrument 2023/683.
securities has the meaning given by subsection 92(3) of the Act.
security sale facility means:
(a) a facility established in connection with a takeover bid to which both of the following apply:
(i) under the terms of the bid:
(A) the consideration includes an offer of scrip consideration; and
(B)  the bidder appoints a nominee and transfers the scrip consideration that are not acquired by non-participants, or the right to acquire the scrip consideration, to the nominee; and
(C) the nominee sells the scrip consideration, or the right to acquire the scrip consideration, and distributes to the non-participants their proportion of the proceeds of the sale net of expenses;
(ii) the terms and conditions of the facility are disclosed in the bidder's statement; and
(b) a facility established in connection with a Part 5.1 scheme to which both of the following apply:
(i) under the terms of the scheme:
(A) scrip consideration is to be issued in exchange for other securities; and
(B) the scrip consideration, or the right to acquire the scrip consideration, that are not acquired by non-participants are sold and their proportion of the proceeds of the sale net of expenses is distributed to them;
(ii) the terms and conditions of the facility are disclosed in the explanatory statement for the scheme.
small parcel, in relation to a non-participant in a Part 5.1 scheme, means a parcel of securities which is not a minimum parcel within the meaning of the operating rules of any prescribed financial market on which the securities are quoted, calculated using the highest closing price for the securities published by the financial market during the period:
(a) beginning on the day a copy of the explanatory statement is registered by ASIC under subsection 412(6) of the Act; and
(b) ending on the day an office copy of the order of the Court is lodged with ASIC under subsection 411(10) of the Act.
takeover-related small parcel sale facility means a facility through which securities, or the right to acquire securities, are sold in accordance with the requirements of subsection 619(4) of the Act.
Note: Subsection 619(4) is notionally inserted into the Act by ASIC Corporations (Takeover Bids) Instrument 2023/683.

       Part 2—Exemption

5 On-sale disclosure relief for scrip bids and schemes of arrangement
(1) A person who makes an offer