Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
Modifying legislative instruments: The application of Pt 7.9 is affected by the ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Pt 7.9, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Part 7.9 of the Act applies in relation to the offer as if section 1019H of the Act were modified by replacing that section with the following:
1019H Varying terms of offer
(1)
An offeror may vary the terms of an offer to which this Division applies for the purchase of securities in a proprietary company if:
(a) the variation is:
(i) to improve the consideration offered under the offer; or
(ii) to extend the period that the offer remains open at any time before the end of that period; and
(b) the variation will apply to each offeree that has not accepted the offer before the variation is made.
(2)
The variation may only be made by sending a supplementary offer document in printed or electronic form to:
(a) if the variation is to improve the consideration offered under the offer - each offeree in accordance with paragraphs 1019E(1)(a) and (b); or
(b) if the variation is to extend the period that the offer remains open - each offeree that has not accepted the offer in accordance with paragraphs 1019E(1)(a) and (b).
(3)
The supplementary offer document must:
(a) identify the offer to which it relates; and
(b) describe the variation; and
(c) be worded and presented in a clear, concise and effective manner.
(4)
The terms of the offer cannot be varied otherwise than under this section.
(5)
This section does not:
(a) affect the offeror ' s obligation under section 1019J to update the market value of the financial product to which the offer relates; or
(b) prevent the offeror from withdrawing the offer in accordance with section 1019G or paragraph 1019J(2)(a) and making another offer on different terms; or
(c) prevent the offeree from making a counter offer on different terms.
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