THE CORPORATIONS LAW

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

PART 6A.2 - GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS

Division 1 - Compulsory acquisition of securities by 90% holder

SECTION 664E   HOLDER'S RIGHT TO OBJECT TO THE ACQUISITION  

664E(1)  [Right to object]  

A person who holds securities covered by the compulsory acquisition notice may object to the acquisition of the securities by signing an objection form and returning it to the 90% holder. The objection:

(a)  relates to all securities that are covered by the notice and are held by the person at the end of the objection period; and

(b)  cannot be withdrawn.

664E(2)  [Obligation to lodge objection]  

The 90% holder must lodge with ASIC a copy of any objection form returned under subsection (1) as soon as practicable after it is returned.

664E(3)  [Obligation to draw list]  

As soon as practicable after the end of the objection period, the 90% holder must:

(a)  prepare a list that sets out:

(i) the names of people who hold securities covered by the compulsory acquisition notice and have objected to the acquisition; and

(ii) details of the securities they hold; and

(b)  lodge the list with ASIC; and

(c)  give a copy of the list to the company; and

(d)  if the company is listed - give a copy to the relevant securities exchange.

664E(4)  [Obligation to provide notice]  

If people who hold at least 10% of the securities covered by the compulsory acquisition notice object to the acquisition before the end of the objection period, the 90% holder must give everyone to whom the compulsory acquisition notice was sent under section 664C:

(a)  a notice that the proposed acquisition will not occur; or

(b)  a notice that the 90% holder has applied to the Court for approval of the acquisition under section 664F;

within 1 month after the end of the objection period.