Commonwealth legislation

ASIC Class Order [CO 04/1413]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

What this does

This instrument exempts companies making takeover bids from a paperwork requirement. Under the Corporations Act, bidders must publicly report how many shareholders have accepted their offer. Previously, this report had to include copies of all takeover documents (the bidder's statement, offer document, and acceptance forms). This exemption removes that attachment requirement.

Who it affects

Companies launching takeover bids (bidders)
Their associates (related parties acting with the bidder)

Why it matters

It reduces red tape in corporate takeovers. Bidders still report acceptance numbers, but don't need to repeatedly attach the same bulky documents. This streamlines compliance while maintaining transparency about acceptance levels.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 04/1413].

ASIC Class Order [CO 04/1413]

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Australian Securities and Investments Commission

Corporations Act 2001- Paragraph 673(1)(a) - Exemption

Under paragraph 673(1)(a) of the Corporations Act 2001 (the "Act") the Australian Securities and Investments Commission hereby exempts each bidder under a takeover bid and each of its associates from subsection 671B(4) of the Act to the extent that that subsection would otherwise require the information referred to in subsection 671B(3) of the Act about acceptances of offers under the takeover bid to be accompanied by copies of the bidder's statement, the offer document or any acceptance forms.

Dated the 4th day of November 2004

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.