GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS
Compulsory buy-out of convertible securities by 100% holder
SECTION 665A100% HOLDER MUST OFFER TO BUY OUT HOLDERS OF CONVERTIBLE SECURITIES
Definition of 100% holder]
A person is a 100% holder of securities in a class if the person, either alone or with a related body corporate, holds full beneficial interests in all the securities in the class.
Obligation to offer to buy out]
A 100% holder in relation to a class of securities (the
) who becomes a 100% holder through compulsory acquisitions under this Part must offer to buy out the holders of securities in another class that are convertible into main class securities in accordance with sections 665B and 665C. This subsection does not apply to securities if a notice is given in relation to the securities under section 661B, 662B or 664C.
Note: For when securities are convertible into main class securities, see the definition of
in section 9.