Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 677

677. (1) Subject to subsection (2), nothing in this Division prohibits an
offeror from acquiring at an official meeting of a stock exchange, in the
ordinary course of trading on the stock market of that stock exchange, during
the period beginning when the takeover announcement is made and ending
immediately before the start of the closing phase of the offer period, shares
to which the takeover announcement relates at a price that is higher than the
price specified in the announcement or is higher than any price that is deemed
by a previous operation of this subsection or of subsection 681 (2) to be
specified in the announcement.

(2) If the offeror acquires shares at such a higher price during the period to
which subsection (1) applies, that higher price shall, for the purposes of any
offer that is accepted after the acquisition takes place, be deemed to be the
price specified in the announcement unless and until another price is deemed
by virtue of the operation of this subsection or of subsection 681 (2) to be
specified in the announcement.

(3) During the closing phase of the offer period, the offeror shall not
acquire shares to which the takeover announcement relates at a price that is
higher than the price that, at the end of the period to which subsection (1)
applies, is, or is deemed to be, the price specified in the announcement.