On 28 September 2023, AST ASIC released Report 773 - response to submissions on CP 365 remaking ASIC class orders on takeovers, compulsory acquisitions and relevant interests re consult above; relief embodied in the instruments is same in substance.
- It is on substantially same terms as sunsetting instruments, with certain exceptions.
- Exceptions include extending scope of s 617(2) to derivatives to address an ambiguity where certain performance rights may not meet the definition of securities under s 92(3) and therefore fall outside the scope of s 617(2) (ASIC instrument 2023/683).
- Another exception to provide that bidder may nominate shorter period for payment of bid consideration than is otherwise required by s 620(2) (ASIC instrument 2023/683).
- In addition, an exception to provide that securities acquired on-market by the bidder in reliance on the exemption provided in item 2 of s 611 are included for the purposes of the 75% calculation set out within s 661A(1)(b)(ii) (ASIC instrument 2023/684).
- Remove the requirement to lodge a supplementary bidder’s statement in order to lodge and dispatch a replacement bidder’s statement (ASIC instrument 2023/688).
- Allow the lodgment and dispatch of a replacement target’s statement (ASIC instrument 2023/688); and clarify the timing for dispatch of the target’s statement in a market bid where a replacement bidder’s statement is lodged (ASIC instrument 2023/688).
- On 21 September 2023, schedule 5 of Treasury laws amendment (2023 law improvement package no. 1) act commenced, moved matters in Class order [CO 13/520] relevant interests, voting power and exceptions to the general prohibition into Corporations act.
- It was unnecessary to remake [CO 13/520], which was consulted on in CP 365 above.