Corporations Act 2001
The bidder must not dispose of any securities in the bid class during the bid period.654A(1A) [ Strict liability offence]
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
(a) someone else who is not an associate of the bidder makes an offer, or improves the consideration offered, under a takeover bid for securities in the bid class after the bidder's statement is given to the target; and
(b) the bidder disposes of the securities after the offer is made or the consideration is improved.
Note: A defendant bears an evidential burden in relation to the matters in subsection (2), see subsection 13.3(3) of the Criminal Code .