These details can only be determined after the rights issue has been completed and all allotments of securities pursuant to the exercise of rights processed.

The condition of this exemption in the 1997 notice was that a written statement be sent to security holders at least once within 1 month of each allotment of securities.

In the Commission's view subscriptions for any non-compliant allotments of securities are immediately repayable by BT Funds Management, plus interest at 10% per annum from the date of subscription.

In this instance, the fundamental rule is not being avoided because non-associated shareholders will have the opportunity to approve the allotment of securities to Talley's and Toocooya under rule 7(d) of the Code.

The allotment of securities representing the capital of the receiving or acquiring company to a shareholder of the transferring or acquired company must not give rise to any taxation of the income, profits or capital gains of that shareholder.