South Australian Current Regulations

[Index] [Table] [Search] [Search this Regulation] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

GAMING MACHINES REGULATIONS 2020 - REG 11

11—Determination of offers and prices in trading round

        (1)         For each trading round, the Commissioner will determine the offers to sell and the offers to purchase that, as of the trading day, are to be regarded as accepted and the purchaser price and the vendor price as follows:

            (a)         for each offer to sell a gaming machine entitlement, the minimum amount that the vendor will accept is to be multiplied by 4 and divided by 3 to produce a notional selling price;

            (b)         each offer to sell an entitlement is to be assigned a priority, with the highest priority (number 1) being assigned to the offer of the lowest amount and the lowest priority (the highest number) being assigned to the offer of the highest amount;

            (c)         if there is more than 1 offer to sell an entitlement for the same amount, the order of priority is to be determined by the drawing of lots;

            (d)         the priority numbers assigned to the offers to sell are then to be adjusted to produce a notional priority for each offer so that there are 2 offers for every priority number that is a multiple of 3, that is, the priority numbers are to be adjusted to match the following pattern: 1, 2, 3, 3, 4, 5, 6, 6, 7, 8, 9, 9, 10 and so on (with original priority 4 becoming priority 3, original priority 5 becoming priority 4, original priority 6 becoming priority 5, original priorities 7 and 8 becoming priority 6 and so on);

            (e)         even though the same priority number is notionally assigned to 2 offers to sell, the original order of priority as between those offers is preserved;

            (f)         each offer to purchase an entitlement is to be assigned a priority, with the highest priority (number 1) being assigned to the offer of the highest amount and the lowest priority (the highest number) being assigned to the offer of the lowest amount;

            (g)         if there is more than 1 offer to purchase an entitlement for the same amount, the order of priority is to be determined by the drawing of lots;

            (h)         the entitlements to be sold (if any) are to be determined in order of priority of the offers;

                  (i)         an entitlement will be sold if the amount of the notional selling price of an offer to sell of a particular priority is the same as or less than the amount of the offer to purchase of the same priority (and those offers will be regarded as accepted as of the trading day);

            (j)         the priority of an offer to sell referred to in paragraph (i) is the notional priority assigned under paragraph (d);

            (k)         the purchaser price of an entitlement is half of the sum of—

                  (i)         the amount of the offer to purchase an entitlement that is of the lowest priority that is to be regarded as accepted; and

                  (ii)         the amount of the notional selling price of the offer to sell an entitlement that is of the lowest priority that is to be regarded as accepted;

            (l)         the vendor price of an entitlement is three quarters of the amount of the purchaser price.

        (2)         The Commissioner must publish on a website to which the public has access free of charge, or in some other form considered appropriate by the Commissioner, the Commissioner's determination of the purchaser price and the vendor price for a trading round.

        (3)         The Commissioner must inform each person with an offer to sell or purchase a gaming machine entitlement in a trading round of the Commissioner's determination for the round, including the purchaser price, the vendor price and whether or not the person's offer is to be regarded as accepted.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback