On 3 May 2022, Thai SEC revised its takeover rules to simplify the process and increase flexibility in delivering documents to shareholders electronically. The requirement for the offeror to submit a copy of the tender offer and related reports to the Stock Exchange of Thailand has been repealed. Cancellation of the advertisement of the tender […]
On 1 May 2022, Thailand SEC’s notification of tender offer becomes effective. Background: On 30 March 2022, Thai SEC issued criteria for requesting a waiver from a tender offer; and a transaction form and timeline for preparing an opinion on the tender offer. Point to make a tender offer for securities means the holding of […]
On 14 April 2022, AUT GVT published new resolution and enforcement rules. AUT GVT published new legislation amending the Restructuring and Liquidation Act, the Takeover Act, as well as Central Counterparty Enforcement Act, from August 2022. Restructuring and Liquidation Act The changes confirm that AUT FMA must form a separate unit within its structure to […]
On 5 April 2022, DoJ, SEC issued charges re $14 billion tender offer fraud. DoJ charged Melville ten Cate with tender offer fraud, securities fraud, and wire fraud in connection with several schemes on behalf of his company, Xcalibur Aerospace Ltd. Schemes include fraud tender offer worth over $14bn, arising from ten Cate’s allegedly sham […]
On 7 March 2022, AST ASIC confirmed the firm had breached disclosure laws. AST ASIC confirmed Rio Tinto Limited had been found by AST Court to have breached the continuous disclosure law requirements as set out in the Corporations Act 2001. Follows AST ASIC March 2018 action vs. Rio Tinto, and ex-CEO, CFO. Background In […]
On 3 March 2022, AST GVT registered 27th compilation of the Foreign acquisitions and takeovers act 1975, showing text of the law as amended and in force on 23 February 2022. Includes changes made by the corporate collective investment vehicle framework and other measures act 2022 and lists unincorporated changes.