Sale of transferee holding company’s shares by special purpose company
8.—(1) The transferee holding company shall make a single offer to the special purpose company of such number of its shares for subscription, at such par value, as the Minister may, by notice in writing, direct.
(2) The special purpose company shall, from time to time, offer for sale such number of the transferee holding company’s shares, at such price and on such terms, as the Minister may, by notice in writing, direct.
(3) Subdivision 2 of Division 1 of Part XIII of the Securities and Futures Act 2001 (which provides for prospectus requirements) shall not apply to an offer of shares made by the transferee holding company under subsection (1) or by the special purpose company under subsection (2).
(4) Section 76 of the Companies Act (which prohibits a company from financing dealings in its own shares) shall not apply in relation to any guarantee, indemnity, warranty, representation or other undertaking given or obligation assumed by the transferee holding company or the special purpose company in relation to an offer of shares made under subsection (1) or (2).