10 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 if, under the terms of the offers:
- (a)
- the company must appoint a nominee for foreign holders of the company's
securities who is approved by ASIC; and
- (b)
- the company must transfer to the nominee:
- (i)
- the securities that would otherwise be issued to the 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 those foreign holders their proportion of the proceeds of the sale net
of expenses.