Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p176
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 176/212)
Character Range: 459430–462142

agreement.

Effect on control of company

"206kl. (1) The notice must set out what the directors consider will be the likely effect on the control of the company if the proposed buy-back is made.

  "(2) The notice must set out, in relation to each of the directors:

     (a) whether or not the directors consider it likely that, if the proposed buy-back were made and the shares to which it relates were cancelled immediately afterwards, that director would, immediately after the cancellation, be entitled to more than 20% of the shares in the company; and

     (b) if so—the respective percentages to which the directors consider it likely that that director would be entitled immediately before, and immediately after, the cancellation.

Other relevant information

"206km. The notice must set out all other information that is known to any of the directors and may reasonably be expected to influence a person in deciding whether or not to vote in favour of the resolution.

Notices to be the same

"206kn. The notice must be the same as each of the other notices of the' kind referred to in section 206ka that relate to the meeting and the resolution, disregarding the fact that the first-mentioned notice is sent to a different person.

"Subdivision L—Creditors may Object to Proposed Buy-backs

Advertising proposed buy-backs

  "206la. (1) This section applies if:

  (a) the buy-back is made under a buy-back scheme; or

     (b) the company is a proprietary company and the buy-back is not made under a buy-back scheme and is not an employee-shares purchase; or

     (c) the company is a public company and the buy-back is not made under a buy-back scheme and is neither an employee-shares purchase nor an odd-lot purchase.

  "(2) The next condition is that a notice:

  (a) setting out the intention to make the offers constituting the

SCHEDULE 5—continued

     buy-back scheme, or to enter into the agreement constituting the buy-back, as the case may be; and

     (b) specifying the documents referred to in paragraphs (3) (a) and (b) and, if applicable, paragraph (3) (c); and

     (c) stating to the effect that those documents would be available as mentioned in paragraph (3) (a) during the period referred to in subsection (3); and

  (d) setting out the matters required by section 206lb;

was published in accordance with section 206lc on a day that, or on days each of which:

     (e) was not earlier than 42 days, and not later than 28 days, before the day (in this section called the 'critical day') on which the first of the offers was made, or the agreement is entered into, as the case may be; and

     (f) if section 206ga, 206ja or 206jb applies—was later than the day on