Last week, ASIC released its Response to submissions on CP 326 Chapter 6 relief for share transfers using s444GA of the Corporations Act.
ASIC relief from s606 of the Corporations Act 2001 (Cth) (Corporations Act) is required to effect a transfer of the shares of a company subject to deed of company arrangement (DOCA) pursuant to s444GA of the Corporations Act, in addition to obtaining a Court order under s444GA(1).
Baker McKenzie and KordaMentha had jointly made a submission to ASIC drawing on our experiences in obtaining s444GA relief in respect of Ten Network Holdings Limited (Ten). A copy of those submissions are here.
In short, ASIC has amended RG 6 Takeovers: Exception to the general prohibition and RG 111 Content of expert reports to reflect the following modified position on s444GA applications.
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