Bidder to tell holders of convertible securities of their right to be bought out
Notice to holders of convertible securities (1) The bidder must: (a) prepare a notice in the prescribed form that: (i) states that the bidder and their associates have relevant interests in at least 90% of the securities (by number) in the bid class; and (ii) informs the holder of convertible securities about their right to be bought out under this Part; and (iii) sets out the terms on which the holder may be bought out; and (b) lodge the notice with ASIC; and (c) give each other person who is a holder of convertible securities: (i) the notice; and (ii) a copy of the expert’s report, or of all the experts’ reports, under section 667A; and (d) give a copy of those documents to each relevant market operator on the same day as it is lodged with ASIC if the target is listed. Note 1: Subparagraph (a)(iii)—Section 667A deals with the contents of an expert’s report. Note 2: The notice is to be given to everyone who holds convertible securities on the day on which the notice is lodged with ASIC. Under section 663C, anyone who acquires the securities after that day may require the bidder to acquire the securities. Time for dispatching notice to holders (2) The bidder must dispatch the notices and reports under paragraph (1)(c): (a) during, or within 1 month after the end of, the offer period; and (b) on the day the bidder lodges the notice with ASIC or on the next business day. The notices cannot be withdrawn.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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