Corporations Act 2001
CCH note - modifying legislative instruments: The application of Ch 6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688; and the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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 .
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.
[ CCH Note 1: S 654C(3) will be amended by No 69 of 2020, s 3, Sch 1[1017], by substituting " the Registrar " for " ASIC " in para (b) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 654C(3A) will be inserted by No 69 of 2020, s 3, Sch 1[1018] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 654C(3A) will read:
654C(3A)
The lodgement must meet any requirements of the data standards.]
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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