Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

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 .


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