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Exemption from section 240 of Act for offer made pursuant to bonus warrant

Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018

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—(1) Section 240 of the Act does not apply to a person who makes an offer of securities or securities‑based derivatives contracts of —(a)an entity the shares of which are listed for quotation on an approved exchange, pursuant to a specified bonus warrant; or(b)a business trust the units of which are listed for quotation on an approved exchange, pursuant to a specified bonus warrant.(2) In paragraph (1), “specified bonus warrant” means a right given, for no consideration —(a)by an entity to an existing member of the entity, to buy, not earlier than 6 months after the date of listing of the right for quotation on an approved exchange, a specified number of securities or securities‑based derivatives contracts of the entity at a given price; or(b)by the trustee‑manager of a business trust (acting in its capacity as trustee‑manager of the business trust) to an existing unitholder of the business trust, to buy, not earlier than 6 months after the date of listing of the right for quotation on an approved exchange, a specified number of securities or securities‑based derivatives contracts of the business trust at a given price.

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