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Renounceable rights issues by foreign corporations

Securities and Futures (Offers of Investments) (Shares and Debentures) (Transitional and Savings Provisions) Regulations 2005

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—(1) This regulation applies to an offer of securities referred to in section 239(6)(b)(ii) of the original Act where —(a)the securities are not securities prescribed by the Authority under section 277(1) of the principal Act;(b)the securities are issued or will be issued by an entity —(i)which is not formed or constituted in Singapore; and(ii)the shares of which are listed for quotation on a securities exchange, being a primary listing;(c)the securities are renounceable in favour of persons other than existing members or debenture holders; and(d)in a case where the securities are units of shares or debentures, the shares or debentures are those of the entity that issued or will be issuing the units.(2) Where the offer was made before the appointed date and has not closed by that date, the old law shall apply in relation to it as if the new law had not been enacted.(3) Where the offer is made at any time within the period of 2 months beginning with the appointed date, section 277(1)(b) of the principal Act shall apply to it as if the reference in that provision to an offer information statement which complies with such form and content requirements as may be prescribed by the Authority is a reference to an offer information statement that complies with the Eleventh Schedule to the old Regulations.

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