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ASIC Corporations (Replacement Bidder’s and Target’s Statements) Instrument 2023/688
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Turn the raw legal text into a practical explanation grounded in ASIC Corporations (Replacement Bidder’s and Target’s Statements) Instrument 2023/688.
| “12 | The target must:(a) if the target is not eligible to rely on section 633B—send a copy of the target’s statement (and any accompanying report) to each person who, as at the date set by the bidder under subsection (2), holds:• securities in the bid class; or• if the bid extends to securities that come to be in the bid class due to the conversion of or exercise of rights attached to other securities or derivatives (see subsection 617(2))–the other securities or derivatives; | For each of subitem (a) and (b), to be done:(a) no earlier than the day on which the target sends the target's statement to the bidder; and(b) no later than 15 days after the target receives a notice that all offers have been sent as required by item 6. |
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| or:(b) if the target is eligible to rely on section 633B—send a copy of the replacement target’s statement (and any accompanying report) to each person who, as at the date set by the bidder under subsection (2), holds:• securities in the bid class; or• if the bid extends to securities that come to be in the bid class due to the conversion of or exercise of rights attached to other securities or derivatives (see subsection 617(2))–the other securities or derivatives; | Sections 648B and 648C provide for the manner in which documents may be sent to holders.”;”; |
(c) after section 633 insert: