Singapore legislation
Clause 79
Clause 79
Repeal and re-enactment of section 277
Section 277 of the principal Act is repealed and the following section substituted therefor:“Securities exchange offer or invitation277.—
Where —
an offer or invitation to the public is in respect of shares, debentures, or units of shares or debentures which have not been previously issued and are, or are to be, uniform in all respects with shares or debentures, or units of shares or debentures, previously issued and listed for quotation on a securities exchange; and
an offer information statement which complies with such form and content as may be prescribed by the Authority is lodged with the Authority and the securities exchange,Subdivisions (2) and (3) of this Division shall not apply to the offer or invitation for a period of 6 months from the date of lodgment of the offer information statement.(2) The Authority may, on the application of any person interested, modify the prescribed form and content of the offer information statement in such manner as is appropriate, subject to such conditions or restrictions as may be determined by the Authority.(3) For the purposes of this section —
shares shall be deemed to be uniform in all respects with shares previously issued notwithstanding that they do not carry the same rights to dividends as the latter during the 12 months immediately following the issue; and
sections 249, 253, 254 and 255 shall, with the necessary modifications, apply in relation to an offer information statement referred to in subsection (1) as they apply in relation to a prospectus.(4) For the purposes of subsection (3)(b) —
a reference in section 249 to the delivery of a copy of the prospectus for registration shall be read as a reference to the delivery of a copy of the offer information statement for lodgment; and
a reference in section 253 or 254 to any information or new circumstance required to be included in a prospectus under section 243 shall be read as a reference to any information prescribed under subsection (1)(b).(5) Where the written consent of an expert to the issue of an offer information statement is required to be given under section 249 (as applied in relation to that statement under subsection (3)(b)), that written consent shall be lodged with the Authority at the same time as the lodgment of the statement.”.