6‑5 Determining notification waiver appl6‑5 Determining notification waiver applications: surprise hostile takeovers

6‑5 Determining notification waiver applications: surprise hostile takeovers

(1) This section applies to a notification waiver application that relates to an acquisition of shares in the capital of a body corporate if: (a) the acquisition and body corporate satisfy paragraphs 51ABZZL(1)(a), (b) and (c) of the Act; and (b) the application includes a request that this section apply to the application and the request satisfies subsection (2) of this section. (2) A request satisfies this subsection if the request states: (a) the information set out in paragraphs 51ABZZL(2)(a) and (b) of the Act; and (b) that the bidder (within the meaning of the Corporations Act 2001) will, if the Commission makes a determination under paragraph 51ABV(1)(a) of the Act, give a bidder’s statement (within the meaning of the Corporations Act 2001) to the Commission and target no later than 5 business days after the day on which the Commission gives the applicant the written notice and explanation required by subsection 51ABV(5) of the Act; and (c) that the bidder will, after the proposed bid has been made public, notify the Commission, in writing, that the bid has been made public within 1 business day of the bid having been publicly proposed, or if that is not practicable, as soon as practicable after that day. Delay in information to be included on the acquisition register (3) Despite paragraphs 5-2(1)(a) and 5-2(2)(aa) of this instrument, the Commission must not include information or documents on the acquisitions register in relation to the waiver application before receiving the bidder’s notification (as mentioned in paragraph (2)(c) of this section) in relation to the acquisition to which the application relates, and once the bidder’s notification is received, the information mentioned in paragraph 5-2(1)(a) is to be included on the register within 2 business days, or if that is not practicable, as soon as practicable after that day. Timing for Commission decision (4) For the purposes of subsection 51ABV(3) of the Act, if the Commission has not made a determination in relation to an application to which this section applies during the period beginning on the first day after an application is received, and ending on the 25th business day after that day, the Commission must make a determination under paragraph 51ABV(1)(b) of the Act in relation to the application on the first business day after the period ends. Commission can refuse request for this section to apply (5) The Commission may, at any time on or before the 15th business day after the day on which an application to which this section applies is made, determine that this section does not apply to the application if the Commission is satisfied that a matter set out in paragraph 51ABZZL(5)(c), (d) or (e) of the Act applies in relation to the acquisition. (6) If the Commission makes a determination under subsection (5): (a) the Commission must give the applicant written notice of the determination; and (b) this section is taken never to have applied in relation to the application.