Goodtimes Ltd has had a very successful trading period. The directors decide that the profits should be used to offer to purchase back some of their shares held by the members. The directors wish to undertake two transactions:

Buy back 12% of the ordinary shares held by a shareholder named Jasmine (transaction 1); and

offer all shareholders the opportunity to sell 8% of their ordinary shares to company (transaction 2).

(a) Name the type of buy-back relevant to each of the above (2.5 marks).

(b) Describe the obligations that the directors have, and the procedures that must be followed under the Corporations Act, to allow the directors to buy-back the shares from Jasmine (transaction 1) (5 marks).

(c) Describe the obligations that the directors have, and the procedures that must be followed under the Corporations Act, to allow the directors to buy-back the shares from the remaining ordinary shareholders (transaction 2) (2.5 marks).