Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.12 - MISCELLANEOUS  

Division 1A - Employee share schemes  

Subdivision C - Offers that are eligible to be made under this Division  

SECTION 1100ZB   AMOUNTS THAT ARE EXCLUDED FROM THE MONETARY CAP  

1100ZB(1)    
Each amount mentioned in a subsection of this section is not included in working out under section 1100ZA whether an offer breaches the monetary cap.

1100ZB(2)    
An amount paid into an ESS contribution plan for the offer.

1100ZB(3)    
An amount payable by a participant or related person for the issue or sale of ESS interests to the extent that, under the terms of the offer, the amount can only become payable during a liquidity period for the ESS interests.

1100ZB(4)    
An amount payable on the exercise of options or incentive rights to the extent that, under the terms of the offer, the amount can only become payable during a liquidity period for the underlying ESS interests.

1100ZB(5)    
An amount payable by an ESS participant for the issue or sale of ESS interests to the extent that, under the terms of the offer:

(a)    the amount can only become payable no longer than 7 days before the start of a liquidity period for the ESS interests; and

(b)    all application money received from ESS participants before the start of a liquidity period must be held on trust for the ESS participants until:

(i) the start of the liquidity period; or

(ii) the money is returned to the ESS participants; and

(c)    if application money needs to be returned to an ESS participant, it must be returned as soon as practicable.

1100ZB(6)    
An amount payable by an ESS participant on the exercise of options or incentive rights to the extent that, under the terms of the offer:

(a)    the amount can only become payable no longer than 7 days before the start of a liquidity period for the underlying ESS interests; and

(b)    all application money received from ESS participants before the start of a liquidity period must be held in trust for the ESS participants until:

(i) the start of the liquidity period; or

(ii) the money is returned to the ESS participants; and

(c)    if application money needs to be returned to an ESS participant, it must be returned as soon as practicable.

Liquidity period for ESS interests

1100ZB(7)    
A liquidity period for an ESS interest is a period during which:

(a)    the ESS interest is in a class of interests that is able to be traded on the official list of a financial market covered by section 1100K ; or

(b)    an executed sale agreement constituting an offer to acquire ESS interests in the same class as the ESS interest is open for acceptance; or

(c)    a circumstance prescribed by the regulations for the purposes of this paragraph exists.

Regulations may prescribe other amounts

1100ZB(8)    
The regulations may prescribe an amount for the purposes of this subsection.