Clause 77

by deleting subsection (1) and substituting the following subsections:“(1) Subject to subsection (1A), Subdivisions (2) and (3) of this Division (other than section 257) shall not apply to an offer of securities (not being such securities as may be prescribed by the Authority) issued by an entity whose shares are listed for quotation on a securities exchange, whether by means of a rights issue or otherwise, if —

in the case where the securities offered are units of shares or debentures, the shares or debentures are those of the entity that issued the units;

an offer information statement relating to the offer which complies with such form and content requirements as may be prescribed by the Authority is lodged with the Authority; and

the offer is made in or accompanied by the offer information statement referred to in paragraph (b).(1A) Subsection (1) shall apply to an offer of securities referred to therein only for a period of 6 months from the date of lodgment of the offer information statement relating to that offer.”;

by deleting subsection (3) and substituting the following subsection:“(3) Sections 249, 249A, 253, 254 and 255 shall apply in relation to an offer information statement referred to in subsection (1) as they apply in relation to a prospectus.”;

by deleting the words “subsection (3)(b)” in subsection (4) and substituting the words “subsection (3)”;

by deleting paragraph (a) of subsection (4) and substituting the following paragraph:“(a)a reference in section 249 or 249A to the registration of the prospectus shall be read as a reference to the lodgment of the offer information statement; and”;

by deleting the words “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))” in subsection (5) and substituting the words “is required to be given under section 249 (as applied in relation to an offer information statement under subsection (3))”; (f)by inserting, immediately after subsection (5), the following subsection:“(6) Where the written consent of an issue manager or underwriter is required to be given under section 249A (as applied in relation to an offer information statement under subsection (3)), that written consent shall be lodged with the Authority at the same time as the lodgment of the statement.”; and

by deleting the section heading and substituting the following section heading:“Offer made using offer information statement”.