Australian Securities and Investments Commission Class Order [Co 00/1068] (Cth)

Australian Securities and Investments Commission
Corporations Law - Subsection 741(1) - Exemption

Under subsection 741(1) of the Corporations Law (the “Law”) the Australian Securities and Investments Commission gives the following exemptions to the extent and in the case specified in relation to each of them.

1.   Issue and sale of warrants

An institution described in ASX Business Rule 8.6.1 (“Warrant-Issuer”), any person acting for or on behalf of the Warrant-Issuer and any person who is issued with Warrants with the purpose of selling or transferring the Warrant is exempt from:

(a) Part 6D.2 of the Law; and

(b) sections 726 to 735 (inclusive) and section 737 of the Law

in relation to offers for the issue or sale of Warrants giving the holder a right to buy or sell quoted securities, where:

(c)        the ASX has granted admission of the Warrants to trading status on a stock market of the ASX;

(d)        the Warrant-Issuer complies with:

(i)         ASX Business Rule 8.7.5,except that information required by the rule may be excluded where:

(A) the Warrant-Issuer has previously disclosed the information in a document which was either lodged under the Law or provided to the ASX for the purpose of the ASX making that information available to a stock market conducted by the ASX; and

(B)       the Offering Circular refers to the document, summarises the information excluded from the Offering Circular and states that a copy of the document may be obtained from the Warrant-Issuer free of charge during the period the Offering Circular is current; and

(ii)        all of the other Business Rules which relate to Warrants (subject to any waiver or variation of those Business Rules made by ASX)  and any conditions imposed by the ASX on the waiver of Business Rules;

(e)        any advertisement relating to the Warrants complies with the requirements of Business Rule 8.10.1;

(f)         in the case of Warrants offered for issue ‑ the Warrants are not issued except:

(i)         in response to an application made on a form; and

(ii)        the Warrant-Issuer has reasonable grounds to believe that the form was included in or accompanied by a copy of the Offering Circular required by the Business Rules when the form was distributed by the Warrant-Issuer; and

(g)        in the case of Warrants offered for sale ‑ the Warrants were originally issued under an Offering Circular and a copy of that document has been lodged with ASX and is available for inspection in accordance with Business Rule 8.7.14.

2.   On market purchasers of warrants - relief in relation to on-sale

Any person who purchases Warrants in the ordinary course of trading on a stock market of the ASX is exempt from:

(a) Part 6D.2 of the Law; and

(b) sections 726 to 735 (inclusive) and section 737 of the Law

in relation to the any subsequent sale of the Warrants giving a right to buy quoted securities.

Note:      A Warrant that has been purchased in the ordinary course of trading on a stock market may have been issued for the purposes of resale without a disclosure document.  In those circumstances, without this relief, a disclosure document may be required for the initial and any subsequent resale.

3.   Interpretation

For the purposes of this exemption:

"Business Rules" means the Business Rules of ASX as amended from time to time;

"Offering Circular" and “Warrant” have the same meaning as is given to those terms in Business Rule 8.1.

Dated the 23rd day of May 2000

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission