Western Australian Current Acts Western Australian Current Acts (1) If, under a scheme
or contract to which this Division applies, the transferee becomes
beneficially entitled to shares in the transferor that, together with other
shares in the transferor to which the transferee or a corporation related to
the transferee is beneficially entitled, comprise or include 90% in nominal
value of the shares to which the offer relates, then —
(a) the
transferee must, within 28 days after becoming beneficially entitled to the
shares, give notice of the fact as prescribed by the regulations to the
holders of the remaining shares concerned who, when the notice was given, had
not assented to the scheme or contract or been given a compulsory acquisition
notice by the transferee under this Division; and
(b) a
holder referred to in paragraph (a) may, within 3 months after being given
that notice, by notice to the transferee require the transferee to acquire the
holder’s share and, if alternative terms were offered to the approving
shareholders, elect which of those terms the holder will accept.
(2) If a shareholder
gives notice under this section with respect to the shareholder’s
shares, the transferee is entitled and bound to acquire those shares —
(a) on
the terms on which under the scheme or contract the shares of the approving
shareholders were transferred to the transferee and, if alternative terms were
offered to those shareholders, on the terms for which the shareholder has
elected, or, if no election is made, for whichever of the terms the transferee
determines; or
(b) on
such other terms as are agreed or as the Supreme Court, on the application of
the transferee or of the shareholder, considers appropriate to order.