I'm wondering if OBL holds active Pre-emtive rights in the case...

I'm wondering if OBL holds active Pre-emtive rights in the case of the proposed sale of 50% of the Derby block to BRU.

What follows below is a copy and paste from ASIC regulations.


Pre-emptive rights


RG 9.31 A right of pre-emption confers upon a person (the taker) a right to purchase property offered for sale from another person (the writer) in preference to other persons who do not have such a right. It restricts the power of the writer to dispose of the subject property by prohibiting the writer from disposing of the property to a person who does not hold the pre-emptive right unless an offer has been declined by the taker. Thus a pre-emptive right does not require the writer to dispose of the property but is only triggered by the writer placing the subject property for sale.

RG 9.32 A pre-emptive right can be distinguished from a call option. The taker of a pre-emptive right has the right to purchase the property from the writer only where the subject property is offered for sale by the writer. By contrast, the taker of a call option has the right to purchase from the writer the property covered by the option agreement at a time or times specified in, or ascertained in accordance with, the option.
RG 9.33 A company’s articles of association may contain provisions giving existing members pre-emptive rights by prohibiting any shareholder from disposing of shares in the company without having first offered them for sale to the company’s other shareholders. Similar rights may also be granted under a separate agreement between individual shareholders.