GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS
Compulsory acquisition of securities by 90% holder
SECTION 664EHOLDER'S RIGHT TO OBJECT TO THE ACQUISITION
Right to object]
A person who holds securities covered by the compulsory acquisition notice may object to the acquisition of the securities by signing an objection form and returning it to the 90% holder. The objection:
(a) relates to all securities that are covered by the notice and are held by the person at the end of the objection period; and
(b) cannot be withdrawn.
Obligation to lodge objection]
The 90% holder must lodge with ASIC a copy of any objection form returned under subsection (1) as soon as practicable after it is returned.
Obligation to draw list]
As soon as practicable after the end of the objection period, the 90% holder must:
(a) prepare a list that sets out:
(i) the names of people who hold securities covered by the compulsory acquisition notice and have objected to the acquisition; and
(ii) details of the securities they hold; and
(b) lodge the list with ASIC; and
(c) give a copy of the list to the company; and
(d) if the company is listed
give a copy to the relevant market operator.
S 664E(3) amended by No 122 of 2001, s 3, Sch 1, Pt 2
401] (effective 11 March 2002).
Obligation to provide notice]
If people who hold at least 10% of the securities covered by the compulsory acquisition notice object to the acquisition before the end of the objection period, the 90% holder must give everyone to whom the compulsory acquisition notice was sent under section 664C:
(a) a notice that the proposed acquisition will not occur; or
(b) a notice that the 90% holder has applied to the Court for approval of the acquisition under section 664F;
within 1 month after the end of the objection period.