Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 5   Rationalisation of ending ASIC instruments

Part 1   Acquisitions of relevant interests in voting shares

Corporations Act 2001

17   At the end of section 615

Add:

Terms of offers relating to specified foreign holders of securities

(2) 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 that are specified in the offers if, under the terms of the offers:

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

(b) the company must issue to the nominee:

(i) the securities that would otherwise be issued to the specified 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 the specified foreign holders their proportion of the proceeds of the sale net of expenses.