What is the latest registration form for tender offers of shares/closed-end fund certificates in Vietnam? What is the application for tender offers of shares paid in cash?
- What is the latest registration form for tender offers of shares/closed-end fund certificates in Vietnam?
- Vietnam: What is the application for tender offers of shares/closed-end fund certificates paid in cash?
- What are the rules for the determination of tender offers of shares/closed-end fund certificates in Vietnam?
What is the latest registration form for tender offers of shares/closed-end fund certificates in Vietnam?
Registration form of tender offer of shares/closed-end fund certificates, made according to Form No. 23 specified in the Appendix issued together with Decree 155/2020/ND-CP. Below is a picture of the registration form for tender offers of shares/closed-end fund certificates:
Download Registration Form for tender offers of shares/closed-end fund certificates: Click here.
What is the latest registration form for tender offers of shares/closed-end fund certificates in Vietnam? What is the application for tender offers of shares paid in cash? (Image from the Internet)
Vietnam: What is the application for tender offers of shares/closed-end fund certificates paid in cash?
Pursuant to Clause 1, Article 85 of Decree 155/2020/ND-CP stipulates as follows:
Application for tender offer
1. In case the offerer pays with money, the application shall contain:
a) The application form No. 23 in the Appendix hereof;
b) The information disclosure sheet form No. 24 in the Appendix hereof;
c) A decision of the competent authority of the applying organization to approve the tender offer;
d) The written confirmation of payment guarantee between credit institution and the offerer, or the confirmation that the bank account of the applicant has been frozen in order to ensure that the offerer has sufficient funds for tender offer. These documents shall be sent to SSC before it issues the notice of receipt of adequate documents;
dd) The securities company’s written confirmation that it is the tender offer agent;
e) A document of NCC about economic concentration in case the tender offer causes the level of economic concentration to be subject to notification.
2. In case tender offer with shares, the application shall contain the documents specified in Article 54 of this Decree;
Thus, according to the provisions, in case the offerer pays with money, the application shall contain:
- The application form No. 23 in the Appendix hereof;
- The information disclosure sheet form No. 24 in the Appendix hereof;
- A decision of the competent authority of the applying organization to approve the tender offer;
- The written confirmation of payment guarantee between credit institution and the offerer, or the confirmation that the bank account of the applicant has been frozen in order to ensure that the offerer has sufficient funds for tender offer. These documents shall be sent to SSC before it issues the notice of receipt of adequate documents;
- The securities company’s written confirmation that it is the tender offer agent;
- A document of NCC about economic concentration in case the tender offer causes the level of economic concentration to be subject to notification.
What are the rules for the determination of tender offers of shares/closed-end fund certificates in Vietnam?
Pursuant to Clause 1, Article 91 of Decree 155/2020/ND-CP stipulates as follows:
Rules for determination of tender offer price
1. In case of payment with money:
a) The offer price must not fall below the average reference price of the last 60 trading days before the application is submitted and must not fall below the highest buying price of the tender offers of shares/closed-end fund certificates of the target company/target investment fund during this period;
b) During the process of tender offer, the offerer must not adjust the offer price
c) In case the offer price is increased, the offerer must announce the increased price at least 07 days before the deadline for receiving sale proposals and the increased price shall be applied to all registered sellers. In this case, the investor shall have sufficient funds to pay for the increase due to the increase in the offer price.
2. In case of payment with shares, shares swap ratio shall be approved by the GMS of the investor as prescribed in Clause 1 Article 53 of this Decree.
Thus, according to the regulations on the principle of determining the price of the tender offer to buy shares/closed-end fund certificates in case of payment in cash as follows:
- The offer price must not fall below the average reference price of the last 60 trading days before the application is submitted and must not fall below the highest buying price of the tender offers of shares/closed-end fund certificates of the target company/target investment fund during this period;
- During the process of tender offer, the offerer must not adjust the offer price
- In case the offer price is increased, the offerer must announce the increased price at least 07 days before the deadline for receiving sale proposals and the increased price shall be applied to all registered sellers.
In this case, the investor shall have sufficient funds to pay for the increase due to the increase in the offer price.
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