In my view the answer is "no" - companies are requried to treat all shareholders equally. If foreign law prohibits the making of an offer to shareholders in that jurisdiction (or makes it unreasonably expensive) then they would be expected to do the usual and sell the rights and remit the proceeds.
Anything else is inconsistent with the duties of a company and its directors to its shareholders.
You should (i) complian to the company (ii) complain to the regulators (iii) consider a lawsuit in the US.
The long term message that action like this sends is that non-residents (including espat Aussies) should not invest in Australian companies.
is it legal to dilute non australian holders?, page-2
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