The Australian Securities and Investments
Commission (ASIC) has released an updated Regulatory Guide
60 Schemes of arrangement (RG 60) and a report on issues
that arose out of consultation with industry.

The update will provide that:

  • ASIC will consider any objections to a scheme, in determining
    whether ASIC will give its typical ‘no intentions’ statement to the
    court in relation to the scheme;
  • The Commission 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.

The decision follows specific industry
consultation on the issue of objectors to schemes after the last
update in 2009.

 

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