Clause 79

replace subsection (1C) with —“(1C) In determining whether the scheme or contract has been approved by the holders of the requisite number of the shares, or shares of any particular class, under subsection (1) —

shares that are issued after the date of the offer are to be disregarded unless they have been issued pursuant to the exercise of an option or right attached to any convertible security that was issued on or before the date of the offer by the transferor company; and

relevant treasury shares that cease to be held as treasury shares after the date of the offer are to be disregarded.”;

after subsection (1D), insert —“(1E) To avoid doubt, where the requisite percentage in subsection (1) of the total number of shares for the approval of an offer in that subsection has been reached, any subsequent issue of shares pursuant to the exercise of an option or right mentioned in subsection (1C)(a) does not affect —

such approval;

the transferee’s right to give a notice mentioned in subsection (1) after the approval; or

the validity of any such notice.”;

replace subsection (8A) with —“(8A) To avoid doubt, a reference in subsection (8) to a shareholder includes one whose shares are issued pursuant to the exercise of an option or right mentioned in subsection (1C)(a), after the offer mentioned in subsection (1) has been approved in accordance with subsection (1).(8AA) In this section and sections 215AA and 215AB, “shares” includes units of shares.(8AB) In this section and section 215AB, “shareholders” includes holders of units of shares but does not include a person who holds units of shares only beneficially.(8AC) In this section, “register of members” includes any records kept by or with respect to the transferor company of the names and addresses of holders of units of shares.”; and

in subsection (8B), replace “subsection (8A)” with “subsection (8AA)”.