Document ID: chunk:federal_register_of_legislation:C2008A00114:clause:1_4
Version: federal_register_of_legislation:C2008A00114
Segment Type: clause
Provision Reference: sch 1 cl 4
Character Range: 1367–3991

4  At the end of section 109D
Add:

Issue of shares to digital community radio broadcasting representative company

 (3) The licence is subject to the condition that, if:
 (a) there is a digital community radio broadcasting representative company (the representative company) for the designated BSA radio area; and
 (b) the representative company gives the licensee a written request under this paragraph to be issued with shares in the licensee; and
 (c) the request is made:
 (i) before the digital radio start‑up day for the designated BSA radio area; or
 (ii) within 12 months after the digital radio start‑up day for the designated BSA radio area; and
 (d) if an invitation was made to the representative company under whichever of paragraph 102C(5)(a) or 102D(5)(a) applied in relation to the formation of the licensee—no shares were issued to the representative company in connection with the invitation;
the licensee must:
 (e) by written notice given to the representative company, offer to issue to the representative company a number of shares in the licensee such that, if the offer were accepted, the representative company would hold two‑ninths of the shares in the licensee; and
 (f) ensure that the offer is made within 30 days after the licensee receives the request; and
 (g) keep the offer open for at least 120 days after the offer is made; and
 (h) ensure that the rights and restrictions (if any) attached to the shares the subject of the offer are the same as the rights and restrictions (if any) attached to the shares held by existing shareholders in the licensee; and
 (i) ensure that the offer price per share does not exceed the amount worked out using the formula:
  where:
  number of pre‑offer shares is the number of shares in the licensee (the pre‑offer shares) that were issued before the offer was made.
  total price of pre‑offer shares is the total amount paid or payable to the licensee as consideration for the issue of the pre‑offer shares.

 (4) The digital community radio broadcasting representative company for the designated BSA radio area is not entitled to make more than one request under subsection (3).

 (5) For the purposes of subsection (4), disregard a request if the request does not result in compliance by the licensee with the requirements of subsection (3).

Note: The heading to section 109D is replaced by the heading "Conditions of foundation digital radio multiplex transmitter licences".

Note: The following heading to subsection 109D(1) is inserted "Scope".

Note: The following heading to subsection 109D(2) is inserted "Ownership of shares in licensee".