11-209AD ASIC issues updated guidance on schemes of arrangement
Thursday 22 September 2011
ASIC today released an updated Regulatory Guide 60 Schemes of arrangement (RG 60). This follows specific industry consultation on the issue of objectors to schemes and an internal review of our policy on schemes since the last update in 2009.
ASIC also today released a report on the key issues that arose out of our consultation with industry.
We have updated our guidance in RG 60 to provide that:
ASIC will consider any objections to a scheme, in determining whether ASIC will give our typical 'no intentions' statement to the court in relation to the scheme;
ASIC will closely consider schemes that offer collateral benefits and/or unequal consideration; and
ASIC will examine schemes that result in a reverse takeover on a case-by-case basis.
Regulatory Guide 60 Schemes of arrangement (RG 60)
Report 254 Response to submissions on CP 127 Schemes of arrangement: Statements under s411(17)(b) (REP 254)