“If the bidder compulsorily acquires sec“If the bidder compulsorily acquires securities in the bid class under this subsection, the bidder may also compulsorily acquire non-transferable securities in a different class where:

“If the bidder compulsorily acquires securities in the bid class under this subsection, the bidder may also compulsorily acquire non-transferable securities in a different class where:

(a) the constitution of the company that issued the non-transferable securities or the terms of issue of the non-transferable securities restrict their transfer; and
(b) the non-transferable securities would be in the bid class but for the restriction referred to in paragraph (a); and
(c) if all the non-transferable securities were securities in the bid class, they would not exceed 10% of the securities in the bid class (by number, worked out at the end of the offer period).”; and
(ii) omit subsection (2), substitute:
“(2) For the purposes of the 90% calculation in subparagraph (1)(b)(i), disregard any relevant interests that the bidder or their associates have merely because of the operation of paragraph 608(3)(a) (relevant interest by 20% interest in body corporate).
(2A) For the purposes of the 75% calculation in subparagraph (1)(b)(ii):
  (a) exclude from the number of securities acquired and from the number of securities that the bidder offered to acquire under the bid, securities:
  (i) in which the bidder or their associate has a relevant interest at the date of the first offer under the bid except where the relevant interest was acquired in reliance on item 2 of section 611 during the bid period; or
  (ii) issued to an associate of the bidder during the offer period; and
  (b) if the securities are convertible securities, exclude from the number of securities that the bidder offered to acquire under the bid convertible securities (other than any securities excluded because of paragraph (a)) where the holder by exercising the rights attached to those securities has:
  (i) another class of securities issued to them; or
  (ii) has the securities transformed into securities in another class,
  in the period from the date set by the bidder under subsection 633(2) to the end of the offer period.”; and
(iia) in paragraph (4)(c), after “if securities”, insert “or derivatives”; and
(iii) after subsection (4) insert:
“(4A) If the bidder compulsorily acquires non-transferable securities under subsection (1), the bidder:
  (a) must acquire all the non-transferable securities which were issued or granted before the end of the offer period and in which the bidder does not have a relevant interest; and
  (b) may elect to acquire any non-transferable securities in which the bidder has a relevant interest (no matter when they were issued or granted).”; and
(iv) in subsection (5), at the end, insert:

“For the avoidance of doubt, this section also has effect despite anything in the terms of issue of the securities to be acquired.”; and (v) after subsection (5), insert: “(6) In this section, non-transferable securities means securities issued under a scheme to or for the benefit of employees or non-executive directors of the company that issued the securities or of a related body corporate in relation to their employment or services.”;

(b) omit paragraph 661B(1)(c), substitute: