suspension , page-271

Hi Beefy

Nice work too. Looks like we were both partly correct.

Takeovers - Chapter 6 of Corporations Act
Schemes - Chapter 5 (same protections as Chapter 6)

"...ASIC will not give its certificate unless shareholders receive equivalent (although not necessarily identical) treatment and protection under the scheme to that which they would receive under a takeover. This requires the scheme documentation to comply in all material respects with the disclosure requirements for a bidder's statement and for the scheme to provide essentially the same protections as are provided to shareholders in a Chapter 6 bid.

However, even where these requirements are satisfied and ASIC has no objection to the scheme company's information memorandum going to shareholders, it is ASIC's policy not to provide its s411(17)(b) certificate at the first Court hearing, at which the scheme company seeks to obtain orders convening the scheme shareholders' meeting. Instead, it waits until the second Court hearing (at which the scheme company seeks court approval for the scheme) so that ASIC can be assured that the scheme meeting has been properly convened and held."

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