Commonwealth Numbered Acts

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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 52

Statements as to proposed take-over offers or announcements
52. (1) A person who does not propose, whether alone or together with another
person or other persons, to make take-over offers or to cause take- over
offers to be made, or to cause to be made a take-over announcement, in
relation to shares in a company shall not, whether alone or together with
another person or other persons, give notice or publicly announce that he
proposes, or that he and another person or other persons propose together, to
make take-over offers or to cause take-over offers to be made, or to cause to
be made a take-over announcement, in relation to shares in that company.

(2) Where-

   (a)  a person whether alone or together with another person or other
        persons, gives notice or publicly announces that he proposes, or that
        he and another person or other persons propose together, to make
        take-over offers or to cause take-over offers to be made, or to cause
        to be made a take-over announcement, in relation to shares in a
        company; and

   (b)  the person does not, within 2 months, or such further period as the
        Commission permits in writing, whether alone or together with another
        person or other persons, make take-over offers or cause
        take-over offers to be made, or cause to be made a
        take-over announcement, in relation to shares in that company, the
        person shall be deemed to have contravened sub-section (1) unless the
        person establishes that there was such a change in circumstances after
        the notice was given or the announcement was made that he could not
        reasonably be expected to make the take-over offers or cause the
        take-over offers to be made or cause the take-over announcement to be
        made.

(3) In any proceeding, if there is produced a certificate in writing by the
Commission stating that the Commission has not, pursuant to paragraph (2) (b),
permitted a further period for a person or persons specified in the
certificate to make take-over offers, or cause a take-over announcement to be
made, in relation to shares in a company so specified, it shall be presumed,
unless the contrary is established, that no such further period was permitted.

(4) A person shall not, whether alone or together with another person or other
persons, make take-over offers or cause to be made a take-over announcement,
or give notice or publicly announce, whether alone or together with another
person or other persons, that he proposes, whether alone or together with
another person or other persons, to make take-over offers or to cause to be
made a take-over announcement, if he has no reasonable or probable grounds for
believing that he, or that he and the other person or other persons, will be
able to perform his or their obligations (including any obligations that may
arise under section 43) if the take-over offers or proposed take-over offers
or the offers constituted by the take-over announcement or proposed
take-over announcement, as the case may be, are accepted.

(5) A person shall not, whether alone or together with another person or other
persons, cause take-over offers to be made, or give a notice or publicly
announce, whether alone or together with another person or other persons, that
he proposes, whether alone or together with another person or other persons,
to cause take-over offers to be made, if he has no reasonable or probable
grounds for believing that the person or persons by whom the take- over offers
are to be made will be able to perform his or their obligations (including any
obligations that may arise under section 43) if the take-over offers or
proposed take-over offers are accepted. 


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