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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 46
Orders where offers not dispatched pursuant to Part A statement
46. (1) Where-
(a) a Part A statement relating to offers under a take-over scheme is
served on a target company;
(b) after the Part A statement is served the offeror referred to in the
Part A statement acquires shares in the company;
(c) the acquisition of those shares would, but for paragraph 13 (3) (a),
have contravened section 11; and
(d) the offeror does not dispatch the offers to which the Part A statement
relates within the period of 28 days after the Part A statement is
served on the target company, the Court may, on the application of the
Commission, do either or both of the following:
(e) make one or more of the orders referred to in sub-section 45 (1);
(f) order the offeror, within such time as is specified in the order, to
dispatch in a manner approved by the Commission the offers to which
the Part A statement relates.
(2) Where, under paragraph (1) (f), the Court orders a person to dispatch
offers, the Court may also order the person-
(a) to dispatch with each offer a notice setting out such information as
the Court specifies; and
(b) within such period as is specified in the order, to serve on the
target company, lodge with the Commission, and, if the target company
is a listed public company, serve on the stock exchange that is the
home exchange in relation to the target company, a copy of the notice.
(3) Where offers are dispatched pursuant to an order made by the Court under
paragraph (1) (f), the offers shall be deemed to be made under a take-over
scheme.
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