Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 681

681. (1) If, at any time during the takeover period in relation to a takeover
announcement:

   (a)  the target company makes an allotment of, or grants an option to
        subscribe for, any of its shares, or agrees to make such an allotment
        or to grant such an option;

   (b)  the target company issues, or agrees to issue, convertible notes; or

   (c)  the target company declares a dividend; the offeror may, with the
        consent of the Commission, cause an appropriate dealer to make on the
        offeror's behalf at a relevant official meeting an announcement
        stating that a specified lower price per share is to be substituted
        for the price per share specified in the takeover announcement.

(2) Where such an announcement is made, the lower price shall, unless and
until a different price is deemed to be specified in the takeover announcement
by this subsection or subsection 677 (2), be deemed to be the price specified
in the takeover announcement.

(3) An offeror who has made offers under a takeover announcement may cause an
appropriate dealer to make on the offeror's behalf:

   (a)  before the closing phase of the offer period; or

   (b)  if, during that closing phase, another offeror makes offers under a
        takeover scheme, or makes offers under a takeover announcement, in
        respect of shares in the class to which the first-mentioned offers
        relate-during that closing phase; an announcement at a relevant
        official meeting extending the offer period for a further period of
        one month, but so that the total offer period does not exceed 6
        months.

(4) Where an offeror causes an announcement to be made under subsection (1) or
(3) in relation to a company, the offeror shall, on the day on which the
announcement is made:

   (a)  serve on the company and on the company's home stock exchange; and

   (b)  lodge with the Commission; a notice setting out the terms of the
        announcement.