Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

Note: This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7 .

PART 6.9 - OTHER ACTIVITIES DURING THE BID PERIOD  

SECTION 654C   DISCLOSURES ABOUT SUBSTANTIAL SHAREHOLDINGS IN UNLISTED COMPANIES  

654C(1)    
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:

(a)    25%;

(b)    50%;

(c)    75%;

(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.

654C(4)    

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 .