THE CORPORATIONS LAW

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

PART 6A.2 - GENERAL COMPULSORY ACQUISITIONS AND BUY-OUTS

Division 3 - Notice that person has become 85% holder of a class of securities

SECTION 665D   NOTICE BY 85% HOLDER TO COMPANY  

665D(1)  85% holder - holder of 85% of securities in particular class.  

A person is an 85% holder in relation to a class of securities of a company if the person holds, either alone or with a related body corporate, full beneficial interests in at least 85% of the securities (by number) in that class.

665D(2)  85% holder - holder with 85% voting power and 85% of whole company.  

A person is also an 85% holder in relation to a class of securities of a company if:

(a)  the securities in the class are shares or convertible into shares; and

(b)  the person's voting power in the company is at least 85%; and

(c)  the person holds, either alone or with a related body corporate, full beneficial interests in at least 85% by value of all the securities of the company that are either shares or convertible into shares.

665D(3)  Person becoming 85% holder to give notice to company.  

A person who becomes an 85% holder in relation to a class of securities of a company must notify the company in writing that they have become an 85% holder in relation to that class. The person must give the notice within 14 days after the person becomes aware of the information.

665D(4)  Person continuing to be 85% holder to give notice to company.  

A person who:

(a)  gives a company a notice under subsection (3) in relation to a class of securities; and

(b)  is an 85% holder in relation to the class on any anniversary of becoming an 85% holder in relation to the class;

must notify the company in writing that they continue to be an 85% holder in relation to the class. The person must give the notice within 14 days after the anniversary.