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CORPORATIONS ACT 2001

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS  

PART 6A.1 - COMPULSORY ACQUISITIONS AND BUY-OUTS FOLLOWING TAKEOVER BID  

Division 3 - Compulsory buy-out of convertible securities  

SECTION 663C  RIGHT OF HOLDERS OF CONVERTIBLE SECURITIES TO BE BOUGHT OUT  

663C(1)  [Notice requiring acquisition]  


Within 1 month after notice under section 663B is given in relation to convertible securities, the holder of the convertible securities may give the bidder a notice requiring the bidder to acquire the securities.

663C(2)  [Existence of contract]  


The holder's notice gives rise to a contract between the holder and the bidder for the sale of the securities on:


(a) the terms agreed to by the bidder and the holder; or


(b) the terms determined by the Court on application by the holder.

663C(3)  [Court determination]  


If the Court makes a determination under paragraph (2)(b) in relation to the terms of sale for a holder's securities of a particular class, the determination applies to all holders of securities in that class who have applications to the Court pending for a determination under that paragraph in relation to the terms of sale of their securities.

 



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