THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.2 - EXCEPTIONS TO THE PROHIBITION

SECTION 615   TREATMENT OF FOREIGN HOLDERS UNDER EQUAL ACCESS ISSUE - EXCEPTION 10  

615     The exception in item 10 of the table in section 611 applies even though the conditions set out in the item are not satisfied in respect of foreign holders of the company's securities if, under the terms of the offers:

(a)  the company must appoint a nominee for foreign holders of the company's securities who is approved by ASIC; and

(b)  the company must transfer to the nominee:

(i) the securities that would otherwise be issued to the foreign holders who accept the offer; or

(ii) the right to acquire those securities; and

(c)  the nominee must sell the securities, or those rights, and distribute to each of those foreign holders their proportion of the proceeds of the sale net of expenses.