Document ID: chunk:federal_register_of_legislation:F2023L01305:body:0:p1
Version: federal_register_of_legislation:F2023L01305
Segment Type: other
Provision Reference: 
Character Range: 0–2848

ASIC Corporations (On-Sale Disclosure Relief for Scrip Bids and Schemes of Arrangement) Instrument 2023/686
I, Amanda Zeller, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 22 September 2023

Amanda Zeller

Contents

Part 1—Preliminary
1 Name of legislative instrument
2 Commencement
3 Authority
4 Definitions
Part 2—Exemption
5 On-sale disclosure relief for scrip bids and schemes of arrangement
Part 3—Repeal
6 Repeal

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (On-Sale Disclosure Relief for Scrip Bids and Schemes of Arrangement) Instrument 2023/686.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under subsections 741(1) and 1020F(1) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.
minimum parcel, in relation to quoted securities, means:
(a) if a "marketable parcel" or "minimum parcel" is defined in the rules governing the operation of a prescribed financial market on which the securities are quoted—a marketable parcel or minimum parcel as defined in those rules; and
(b) otherwise—a parcel of the securities valued at not less than $500 based on the closing price of the securities on the relevant prescribed financial market.
non-participant means:
(a) in relation to a takeover bid—a holder of the target's securities who has accepted an offer made under a takeover bid and has elected not to acquire scrip consideration as consideration for their acceptance; and
(b) in relation to a Part 5.1 scheme:
(i) a person who has been offered scrip consideration under the Part 5.1 scheme and has elected not to acquire the scrip consideration; or
(ii) a person who is not offered scrip consideration under a Part 5.1 scheme involving an issue of scrip consideration in exchange for other securities because:
(A) the person is a foreign holder of the other securities; or
(B) the person would otherwise receive a small parcel of scrip consideration under the terms of the scheme.
offer for sale includes an invitation to purchase.
Part 5.1 scheme means a compromise or arrangement conducted under Part 5.1 of the Act approved at a meeting held as a result of an order under subsection 411(1) or (1A) of the Act.
scrip consideration means securities that are:
(a) transferred to a nominee under the terms of an off-market bid which are of the kind described in subsection 619(3) of the Act; or
(b) offered for sale through a security sale facility; or
(c) offered for sale through a takeover-related small parcel sale facility; or
(d) issued under a right to acquire securities that has been transferred or