Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 15

company by reason of the effect of the acquisition on the entitlement to
voting shares in the company of a person (in this section referred to as a

"relevant person") if the relevant person has been entitled to not less than
the prescribed percentage of the voting shares in the company for a continuous
period of not less than 6 months immediately preceding the acquisition and
100 (a + b - c) the number ascertained in accordance with the formula
-------------- does
d not exceed 3, where-

a is the number of voting shares to be acquired;

b is the number of voting shares in the company that were acquired by any
person during the period of 6 months immediately preceding the first-
mentioned acquisition, being voting shares the acquisition of which by the
person concerned increased the number of voting shares in the company to which
the relevant person was entitled;

c is the number of voting shares in the company that were disposed of by any
person during the period of 6 months immediately preceding the first-mentioned
acquisition, being voting shares the disposal of which by the person concerned
decreased the number of voting shares in the company to which the relevant
person was entitled;

d is the number of voting shares in the company.

(2) A reference in sub-section (1) to the prescribed percentage is-

   (a)  a reference to 19%; or

   (b)  where a lesser percentage is prescribed by regulations in force for
        the time being for the purposes of this section-a reference to that
        lesser percentage.