Australian Securities and Investments Commission Class Order [Co 02/927] (Cth)

Australian Securities and Investments Commission
Corporations Act 2001 — Sections 655A and 673 — Revocation and Declaration

Under sections 655A and 673 of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission (“ASIC”) hereby revokes Class Order [00/454]. 

And under sections 655A and 673 of the Act ASIC hereby declares that Chapters 6 and 6C of the Act apply to the class of persons described in Schedule A, in the case referred to in Schedule B, as if section 609 of the Act were modified or varied by inserting after subsection 609(6) the following subsection:

“(6A)   Subsection (2) applies to a person (the “trustee”) who would otherwise have a relevant interest in securities as a trustee under a trust for the purpose of satisfying rights or obligations of the issuer or holder of warrants despite:

(a)        the trustee having any of the following discretions under the terms of the trust deed relating to the warrants:

(i)         discretions where the issuer or holder of the warrants becomes insolvent or breaches a term of the warrants; or

(ii)        discretions in relation to bonus issues, rights issues, returns of capital, security splits, security consolidations or other reconstructions of capital affecting the securities; or

(iii)       discretions in relation to a takeover bid for or a scheme of arrangement affecting the issuer of the securities but not in relation to voting or disposal of the securities; or

(iv)       discretions to lend the securities; or

(b)        the holder of the warrant not having a presently enforceable or unconditional right of the kind referred to in subsection 608(8);

where:

(c)        the warrants are issued and admitted to trading status in accordance with the operating rules of Australian Stock Exchange Limited; and

(d)        the trustee holds the securities in trust, except where it has lent the securities under a discretion referred to in subparagraph (a)(iv); and

(e)        if the trustee exercises any of the discretions referred to in paragraph (a), it does so on ordinary commercial terms or in an ordinary commercial manner as the case requires.”.

SCHEDULE A

A person who holds securities on trust for the purpose of satisfying the obligations of an issuer or holder of warrants; or who would so hold such securities on trust but for having lent them in accordance with the terms of the trust deed and on ordinary commercial terms.

SCHEDULE B

The calculation of the relevant interests, voting power or substantial holdings of a person in the class of persons described in Schedule A, where the warrant Offering Circular issued under the operating rules of Australian Stock Exchange Limited or the Product Disclosure Statement in relation to the warrants stated that this instrument or Class Order [00/454] or Class Order [99/1006] would apply in relation to the warrants.

Dated the 10th day of September 2002

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission