If a person accepts an offer under a proportional takeover bid for securities,
no-one else may accept an offer under the bid in respect of those securities.
- Note: Section 9 defines proportional takeover bid . See paragraph
618(1)(b).
(2) For the purposes of this section:
- (a)
- a person is taken to hold
securities if the person is, or is entitled to be registered as, the holder of
the securities; and
- (b)
- a person is taken to hold the securities on trust for, as nominee for or
on account of another person if they:
- (i)
- are entitled to be registered as the holder of particular securities; and
- (ii)
- hold their interest in the securities on trust for, as nominee for or on
account of that other person; and
- (c)
- in determining under subsection (1) whether a person has accepted an
offer for particular securities under a takeover bid, a person who accepts an
offer under a proportional takeover bid is taken to have accepted the offer
for all the securities in the bid class that they hold at the time they accept
the offer.
(3) If under paragraph (1)(b) a person may accept as if a separate offer
is taken to be made to a person for a parcel of securities within a holding,
an acceptance of that offer is ineffective unless:
- (a)
- the person gives the
bidder a notice stating that the securities consist of a separate parcel; and
- (b)
- the acceptance specifies the number of securities in the parcel.
(4) A notice under subsection (3) must be made:
- (a)
- if it relates to
securities that are entered on an SCH subregisterin an electronic form
approved by the SCH business rules for the purposes of this Part; or
- (b)
- if it relates to shares that are not entered on an SCH subregisterin
writing.
(5) A person contravenes this subsection if:
- (a)
- they purport to accept an
offer under this section; and
- (b)
- the acceptance is not made in accordance with this section.
The acceptance is, however, as valid as it would have been if it had been made
in accordance with this section.
(6) A person may, at the one time, accept for 2 or more parcels under this
section as if there had been a single offer for a separate parcel consisting
of those parcels.