ASIC updates its guidance on schemes of arrangement

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22 Sep 2011

The Australian Securities and Investments Commission (ASIC) has issued revised Regulatory Guide RG 60 'Schemes of Arrangement'.

RG 60 is a guide for companies and their advisers involved in, or affected by, schemes of arrangement between a company and its members under Pt 5.1 of the Corporations Act 2001.

In light of the submissions ASIC received, ASIC did not adopt the original proposal, but instead updated RG 60 to outline how ASIC will consider objectives to scheme proposals. The guide also notes ASIC will closely consider schemes that offer collateral benefits and/or unequal consideration and will examine schemes that result in a reverse takeover on a case-by-case basis.

Click for ASIC announcement (link to ASIC website).

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