Commonwealth Consolidated Acts Commonwealth Consolidated ActsMeaning of corporate change
(1) There is a corporate change in a company if:
(a) there is a * takeover bid for * shares in the company; or
(b) there is a scheme of arrangement, involving more than 50% of the company's shares, that has been approved by a court; or
(c) there is any other arrangement, involving the acquisition of more than 50% of the company's shares, that is regulated under the Corporations Act 2001 or a * foreign law; or
(d) there is an issue of * shares in the company that results in an increase of 20% or more in:
(i) the issued share capital of the company; or
(ii) the number of the company's shares on issue; or
(e) there is a corporate change in another company which beneficially owns one or more of the following stakes in the first company:
(i) a * voting stake that carries rights to more than 50% of the voting power of the first company;
(ii) a * dividend stake that carries rights to receive more than 50% of any dividends the first company may pay;
(iii) a * capital stake that carries rights to receive more than 50% of any distribution of capital of the first company;
(whether the other company owns those stakes directly, or * indirectly through one or more interposed entities).
Note: For paragraph (e), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.
When a corporate change ends
(2) A * corporate change ends :
(a) if paragraph (1)(a) applies (or paragraph (1)(e) applies because of paragraph (1)(a))--at the latest time when a * bid period of the * takeover bid ends; and
(b) if paragraph (1)(b) or (c) applies (or paragraph (1)(e) applies because of paragraph (1)(b) or (c))--when the scheme of arrangement or other arrangement ends; and
(c) if paragraph (1)(d) applies (or paragraph (1)(e) applies because of paragraph (1)(d))--when the offer period for the issue of * shares ends.