Document ID: chunk:federal_register_of_legislation:C2025C00185:section:257b:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 257B (pt 2/2)
Character Range: 901780–902868

10/12 limit if the number of votes attaching to:
 (a) all the voting shares in the company that have been bought back during the last 12 months; and
 (b) the voting shares that will be bought back if the proposed buy‑back is made;
would exceed the 10/12 limit.

On‑market buy‑backs
 (6) A buy‑back is an on‑market buy‑back if it results from an offer made by a listed corporation on a declared financial market in the ordinary course of trading on that market.
 (7) A buy‑back by a company (whether listed or not) is also an on‑market buy‑back if it results from an offer made in the ordinary course of trading in a financial market outside Australia which ASIC declares in writing to be an approved overseas financial market for the purposes of this subsection. A buy‑back by a listed company is an on‑market buy‑back under this subsection only if an offer to buy‑back those shares is also made on a declared financial market at the same time.
 (8) A declaration under subsection (7) may be subject to conditions. Notice of the making of the declaration must be published in the Gazette.