Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1100z:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1100Z (pt 1/2)
Character Range: 4810298–4813017

1100Z  Terms of the offer—misleading statements and omissions
 (1) The terms of an offer of ESS interests in connection with an employee share scheme comply with this section if, under those terms:
 (a) the ESS offer document, any supporting information required under section 1100X (if applicable), and the terms of the offer:
 (i) must not include a misleading or deceptive statement; and
 (ii) must not omit any information that would result in the ESS offer document, supporting information or terms of the offer being misleading or deceptive; and
 (b) the person who makes the offer (the offeror) must provide each ESS participant with an updated ESS offer document as soon as practicable after becoming aware that the document that was provided has become out of date, or is otherwise not correct, in a material respect; and
 (c) if the offer is of options or incentive rights and monetary consideration is to be provided on the exercise of the options or incentive rights—the offeror must provide each ESS participant with updated documents in satisfaction of paragraph 1100Y(4)(a) as soon as practicable after becoming aware that the information that was provided has become out of date, or is otherwise not correct, in a material respect; and
 (d) each person mentioned in items 2, 3 and 4 of the table in subsection (2) must notify, in writing, the offeror as soon as practicable if, during the application period for the offer mentioned in paragraph 1100W(2)(e), the person becomes aware that:
 (i) a material statement in the documents mentioned in paragraph (a) is misleading or deceptive; or
 (ii) information was omitted from any of those documents that has resulted in one or more of those documents being misleading or deceptive; or
 (iii) a new circumstance has arisen during the application period which means the ESS offer document is out of date, or otherwise not correct, in a material respect; and
 (e) if the offer is of options or incentive rights and monetary consideration is to be provided on the exercise of the options or incentive rights—each person mentioned in items 2, 3 and 4 of the table in subsection (2) must notify, in writing, the offeror as soon as practicable if, after the documents mentioned in paragraph 1100Y(4)(a) have been provided to an ESS participant in accordance with that paragraph, the person becomes aware that:
 (i) a material statement in the documents is misleading or deceptive; or
 (ii) information was omitted from any of the documents that has resulted in one or more of those documents being misleading or deceptive; or
 (iii) a new circumstance has arisen since the documents were provided to an ESS participant which means the documents are out of date,