Check the compulsory acquisition thresholds after a bid
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Using figures the lawyer supplies, record whether the bidder and associates are at least at 90 per cent by number of the bid class, and whether they have acquired at least 75 per cent by number of the securities the bidder offered to acquire. Record whether the lawyer has marked the bid as an off-market bid for all the securities in the bid class, or as a market bid. Do not calculate relevant interests from the register and do not draft a notice.
- What the lawyer must review
- The lawyer decides whether section 661A(1) is met, whether any interest should be disregarded under section 608(3), and whether to ask the Court to allow an acquisition if the threshold is not met. The lawyer reads section 661B before any notice is sent.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Using figures the lawyer supplies, record whether the bidder and associates are at least at 90 per cent by number of the bid class, and whether they have acquired at least 75 per cent by number of the securities the bidder offered to acquire. Record whether the lawyer has marked the bid as an off-market bid for all the securities in the bid class, or as a market bid. Do not calculate relevant interests from the register and do not draft a notice. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Both figures are required during, or at the end of, the offer period: at least 90 per cent by number of the bid class, and at least 75 per cent by number of the securities the bidder offered to acquire, whether or not the acquisition was under the bid.
- The bid must be an off-market bid to acquire all the securities in the bid class, or a market bid. The power continues even if the 90 per cent later fails because further securities are issued.
- Disregard a relevant interest the bidder has merely because of section 608(3). That section was not opened. The lawyer confirms it before an interest is left out.
- Subsection (3) says the Court may allow compulsory acquisition even if the threshold is not reached. It does not state the test. Do not invent one.
- If the power is used, the bidder must acquire all bid-class securities issued or granted before the end of the offer period in which the bidder does not have a relevant interest. Elections about later securities depend on the notice under section 661B, which was not opened.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.