Sale or disposal of an undertaking requires special resolution and public shareholder majority approval, with specified disclosures.

Sale, lease or other disposal of the whole or substantially the whole of an undertaking by a listed entity requires prior approval by way of a special resolution and disclosure in the statement to shareholders of the object, commercial rationale and use of proceeds. Votes cast by public shareholders in favour must exceed those against, and public shareholders who are parties to the transaction cannot vote. Transfers to a wholly owned consolidated subsidiary are exempt, but any subsequent disposal by that subsidiary or dilution below full ownership triggers the approval and disclosure requirements. An exception applies for disposals under a covenant with a regulated financial institution or registered debenture trustee.

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