Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_652c
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 652C
Character Range: 276108–278133

652C  Withdrawal of market bids

Bidder entitled to withdraw if certain events happen during the offer period

 (1) The bidder may withdraw unaccepted offers made under a market bid if 1 of the following happens during the bid period, but only if the bidder's voting power in the target is at or below 50% when the event happens:
 (a) the target converts all or any of its shares into a larger or smaller number of shares (see section 254H)
 (b) the target or a subsidiary resolves to reduce its share capital in any way
 (c) the target or a subsidiary:
 (i) enters into a buy‑back agreement; or
 (ii) resolves to approve the terms of a buy‑back agreement under subsection 257C(1) or 257D(1)
 (d) the target or a subsidiary issues shares, or grants an option over its shares, or agrees to make such an issue or grant such an option
 (e) the target or a subsidiary issues, or agrees to issue, convertible notes
 (f) the target or a subsidiary disposes, or agrees to dispose, of the whole, or a substantial part, of its business or property
 (g) the target or a subsidiary charges, or agrees to charge, the whole, or a substantial part, of its business or property
 (h) the target or a subsidiary resolves to be wound up.

 (2) The bidder may also withdraw unaccepted offers made under a market bid if 1 of the following happens during the bid period:
 (a) a liquidator or provisional liquidator of the target or of a subsidiary is appointed
 (b) a court makes an order for the winding up of the target or of a subsidiary
 (c) an administrator of the target, or of a subsidiary, is appointed under section 436A, 436B or 436C
 (d) the target or a subsidiary executes a deed of company arrangement
 (e) a receiver, or a receiver and manager, is appointed in relation to the whole, or a substantial part, of the property of the target or of a subsidiary.
This is so regardless of the bidder's voting power at the time.

 (3) Notice of the withdrawal must be given to each relevant securities exchange.

Part 6.8—Acceptances