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 6.5 - THE TAKEOVER PROCEDURE  

Division 4 - Updating and correcting the bidder ' s statement and target ' s statement  

SECTION 644   SUPPLEMENTARY TARGET ' S STATEMENT  

644(1)    
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.

644(2)    

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 .