Corporations Act 2001
A bidder making a bid for securities of an unlisted company must give the target a notice stating the bidder ' s voting power in the target if, at a particular time during the bid period, the bidder ' s voting power in the target rises from below a percentage in the following list to that percentage or higher:
(d) 90%. 654C(2)
The notice must be given as soon as practicable, and in any event within 2 business days, after the rise in voting power occurred. 654C(3)
The target must:
(a) make the notice available at its registered office for inspection without charge by any holder of bid class securities during the bid period; and
(b) lodge the notice with ASIC.
[ CCH Note 1: S 654C(3) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " in para (b) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 654C(3A) will be inserted by No 69 of 2020, s 3, Sch 1 (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 654C(3A) will read:
The lodgement must meet any requirements of the data standards.]
An offence based on subsection (1) or (3) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .