257BBuy‑back procedure—general

#### 257B Buy‑back procedure—general (1) The following table specifies the steps required for, and the sections that apply to, the different types of buy‑back. ```html <table cellspacing="0" cellpadding="0" style="width:370.05pt; border:1.5pt solid #000000; border-collapse:collapse"><thead><tr><td style="width:81.5pt; border-right:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">Procedures</span><br><br><span style="font-size:8.5pt; font-weight:bold">[and sections applied]</span></p></td><td style="width:41.5pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">minimum holding</span></p></td><td colspan="2" style="width:57pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">employee share</span></p></td><td colspan="2" style="width:57pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">on</span><span style="font-size:8.5pt; font-weight:bold">‑</span><span style="font-size:8.5pt; font-weight:bold">market</span></p></td><td colspan="2" style="width:57pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">equal access scheme</span></p></td><td style="width:38.55pt; border-left:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">selective buy</span><span style="font-size:8.5pt; font-weight:bold">‑</span><span style="font-size:8.5pt; font-weight:bold">back</span></p></td></tr><tr><td style="width:81.5pt; border-right:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span></span></p></td><td style="width:41.5pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span></span></p></td><td style="width:24.55pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">within 10/12 limit</span></p></td><td style="width:26.45pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">over 10/12 limit</span></p></td><td style="width:24.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">within 10/12 limit</span></p></td><td style="width:26.8pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">over 10/12 limit</span></p></td><td style="width:24.85pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">within 10/12 limit</span></p></td><td style="width:26.15pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span style="font-size:8.5pt; font-weight:bold">over 10/12 limit</span></p></td><td style="width:38.55pt; border-left:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext" style="page-break-after:avoid"><span></span></p></td></tr></thead><tbody><tr><td style="width:81.5pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">ordinary resolution</span><br><span style="font-size:8.5pt; font-weight:bold">[257C]</span></p></td><td style="width:41.5pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.55pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.45pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.2pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.8pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.85pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.15pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:38.55pt; border-top:1.5pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td></tr><tr><td style="width:81.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">special/unanimous resolution [</span><span style="font-size:8.5pt; font-weight:bold">257D]</span></p></td><td style="width:41.5pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.55pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.45pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.2pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.8pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.85pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.15pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:38.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td></tr><tr><td style="width:81.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">lodge offer documents with </span><span style="font-size:8.5pt; font-weight:bold">ASIC</span><span style="font-size:8.5pt"> </span><span style="font-size:8.5pt; font-weight:bold">[257E]</span></p></td><td style="width:41.5pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.55pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.45pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.2pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.8pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.85pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.15pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:38.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td></tr><tr><td style="width:81.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">14 days notice </span><span style="font-size:8.5pt; font-weight:bold">[257F]</span></p></td><td style="width:41.5pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.55pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.45pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.2pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.8pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.85pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.15pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:38.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td></tr><tr><td style="width:81.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">disclose relevant information when offer made </span><span style="font-size:8.5pt; font-weight:bold">[257G]</span></p></td><td style="width:41.5pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.55pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.45pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.2pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:26.8pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">—</span></p></td><td style="width:24.85pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.15pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:38.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td></tr><tr><td style="width:81.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">cancel shares </span><span style="font-size:8.5pt; font-weight:bold">[257H]</span></p></td><td style="width:41.5pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.55pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.45pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.2pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.8pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.85pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.15pt; border:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:38.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td></tr><tr><td style="width:81.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.25pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">notify cancellation to ASIC </span><span style="font-size:8.5pt; font-weight:bold">[254Y]</span></p></td><td style="width:41.5pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.55pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.45pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.2pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.8pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:24.85pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:26.15pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.62pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td><td style="width:38.55pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:2.25pt; padding-left:2.62pt; vertical-align:top"><p class="Tabletext"><span style="font-size:8.5pt">yes</span></p></td></tr></tbody></table> ``` > Note: Subsections (2) and (3) of this section explain what an equal access scheme is. The 10/12 limit is the 10% in 12 months limit laid down in subsections (4) and (5). Subsections (6) and (7) of this section explain what an on‑market buy‑back is. See section 9 for definitions of minimum holding buy‑back, employee share buy‑back and selective buy‑back. Equal access scheme (2) An equal access scheme is a scheme that satisfies all the following conditions: (a) the offers under the scheme relate only to ordinary shares; (b) the offers are to be made to every person who holds ordinary shares to buy back the same percentage of their ordinary shares; (c) all of those persons have a reasonable opportunity to accept the offers made to them; (d) buy‑back agreements are not entered into until a specified time for acceptances of offers has closed; (e) the terms of all the offers are the same. (3) In applying subsection (2), ignore: (a) differences in consideration attributable to the fact that the offers relate to shares having different accrued dividend entitlements; (b) differences in consideration attributable to the fact that the offers relate to shares on which different amounts remain unpaid; (c) differences in the offers introduced solely to ensure that each shareholder is left with a whole number of shares. 10/12 limit (4) The 10/12 limit for a company proposing to make a buy‑back is 10% of the smallest number, at any time during the last 12 months, of votes attaching to voting shares of the company. Exceeding the 10/12 limit (5) A proposed buy‑back would exceed the 10/12 limit if the number of votes attaching to: (a) all the voting shares in the company that have been bought back during the last 12 months; and (b) the voting shares that will be bought back if the proposed buy‑back is made; would exceed the 10/12 limit. On‑market buy‑backs (6) A buy‑back is an on‑market buy‑back if it results from an offer made by a listed corporation on a declared financial market in the ordinary course of trading on that market. (7) A buy‑back by a company (whether listed or not) is also an on‑market buy‑back if it results from an offer made in the ordinary course of trading in a financial market outside Australia which ASIC declares in writing to be an approved overseas financial market for the purposes of this subsection. A buy‑back by a listed company is an on‑market buy‑back under this subsection only if an offer to buy‑back those shares is also made on a declared financial market at the same time. (8) A declaration under subsection (7) may be subject to conditions. Notice of the making of the declaration must be published in the Gazette.