Australian Securities and Investments Commission
Corporations Act 2001 – Paragraph 655A(1)(a) – Exemption
Under paragraph 655A(1)(a) of the Corporations Act 2001 (the “Act”) the Australian Securities and Investments Commission exempts a bidder from subsection 650D(3) of the Act where the notice of variation of offers under an off-market bid is approved by:
1. for a bidder that is a body corporate:
(a) if the consideration offered under the bid is a cash sum only — a resolution passed by the directors of the bidder; or
(b) otherwise — a unanimous resolution passed by all the directors of the bidder; or
2. for a bidder who is an individual — the bidder.
Dated this 22nd day of September 2003
Signed by Stephen Yen, PSM
Australian Securities and Investments Commission