Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 29

29. (1) Where-

   (a)  take-over offers are made in respect of shares in a company;

   (b)  each of those offers is subject to a prescribed condition (however
        expressed) that the offeror receives an acceptance or acceptances of
        an offer or offers under the relevant take-over scheme in respect of a
        number of shares referred to in the condition; and

   (c)  the offeror would, if he acquired the number of shares referred to in
        paragraph (b), be entitled to more than 50% of the voting shares in
        the company, the offeror may not declare any of the offers to be free
        from the condition unless he is entitled, or, if the offers were free
        from the condition, he would be entitled, to more than 50% of the
        voting shares in the company.

(2) If an offeror declares take-over offers to be free from a condition of a
kind mentioned in sub-section (1), the copy of the relevant notice lodged by
him with the Commission under sub-section 28 (8) shall be accompanied by a
statement setting out particulars of the matters by virtue of which the
offeror was entitled under this section to declare the offers to be free from
that condition.

(3) Nothing in this section affects the operation of section 30.