Document ID: chunk:federal_register_of_legislation:C2004A05097:clause:1_8bh
Version: federal_register_of_legislation:C2004A05097
Segment Type: clause
Provision Reference: sch 1 cl 8BH
Character Range: 43999–45532

8BH  Acquisitions of shares

  If:
 (a) a person, or 2 or more persons under an arrangement, acquire shares in a company; and
 (b) the acquisition has the result, in relation to Telstra, that:
 (i) an unacceptable foreign-ownership situation comes into existence in relation to Telstra; or
 (ii) if an unacceptable foreign-ownership situation already exists in relation to Telstra because there is a group of foreign persons who hold, in total, a particular type of stake in Telstra of more than 11.6667%—there is an increase in the total of any type of stake held by any group of foreign persons in Telstra; or
 (iii) if an unacceptable foreign-ownership situation already exists in relation to Telstra because there is or are one or more foreign persons each of whom holds a particular type of stake in Telstra of more than 1.6667%—there is an increase in any type of stake held by any of those foreign persons; and
 (c) the person or persons mentioned in paragraph (a) knew, or were reckless as to whether, the acquisition would have that result;
the person or persons mentioned in paragraph (a) are guilty of an offence punishable on conviction by a fine not exceeding 400 penalty units.

Note 1: 11.6667% is equal to 35% of one-third (rounded up to 4 decimal places).

Note 2: 1.6667% is equal to 5% of one-third (rounded up to 4 decimal places).

Note 3: The percentages specified in this section may be reduced if the Commonwealth's one-third equity interest in Telstra is transferred in 2 or more tranches—see section 8BK.