51ABTAcquisitions of shares in the capital of Chapter 6 entities

51ABT Acquisitions of shares in the capital of Chapter 6 entities

(1) An acquisition of shares in the capital of a body corporate is not required to be notified if:

(a) the body corporate is a Chapter 6 entity; and

(b) the acquisition does not result in someone’s voting power (within the meaning of the Corporations Act 2001) in the body corporate increasing:

(i) from 20% or below to more than 20%; or

(ii) from a starting point that is above 20% and below 100%.

(2) For the purposes of paragraph (1)(b), if:

(a) a person enters into a contract, arrangement or understanding pursuant to which the person will acquire shares in the capital of a Chapter 6 entity; and

(b) the provisions of the contract, arrangement or understanding pursuant to which the acquisition is to take place do not become binding on the person until one or more conditions are met;

then, in working out someone’s voting power, treat the person as not acquiring a relevant interest (within the meaning of the Corporations Act 2001) in the shares under the provisions unless and until the provisions become binding.