Corporations Act 2001
If a target becomes aware of:
(a) a misleading or deceptive statement in the target's statement; or
(b) an omission from the target ' s statement of information required by section 638 ; or
(c) a new circumstance that:
(i) has arisen since the target ' s statement was lodged; and
(ii) would have been required by section 638 to be included in the target ' s statement if it had arisen before the target's statement was lodged;
that is material from the point of view of a holder of bid class securities, the target must prepare a supplementary target's statement that remedies this defect.
Note 1: The target must then send and lodge the supplementary target ' s statement in accordance with section 647 .
Note 2: Section 670A makes it an offence to give a target ' s statement after the target has become aware of a misleading or deceptive statement, omission or new circumstance that is material from the point of view of a holder of securities to whom the statement is given (unless the deficiency is corrected).
Note 3: The power to issue a supplementary target ' s statement is not limited to the situations dealt with in this section.
Note 4: This section applies to a target ' s statement that has already been previously supplemented.
[ CCH Note: S 644(1) will be amended by No 69 of 2020, s 3, Sch 1, by inserting " with the Registrar " at the end of para (c)(i) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
For an offence based on subsection (1), strict liability applies to the conduct, that the target must prepare a supplementary target ' s statement that remedies the defect.
Note: For strict liability , see section 6.1 of the Criminal Code .