THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.5 - THE TAKEOVER PROCEDURE

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

SECTION 645   FORM OF SUPPLEMENTARY STATEMENT  

645(1)  Identity as a supplementary statement.  

At the beginning of a supplementary bidder's or target's statement there must be:

(a)  a statement that it is a supplementary statement; and

(b)  an identification of the statement it supplements; and

(c)  an identification of any previous supplementary statements lodged with ASIC in relation to the bid; and

(d)  a statement that it is to be read together with the statement it supplements and any previous supplementary statements.

645(2)  Approval of supplementary bidder's statement.  

The copy of the supplementary bidder's statement that is lodged with ASIC must be approved by:

(a)  for a bidder that is a body corporate:

(i) if the consideration offered under the bid is a cash sum only - a resolution passed by the directors of the bidder; or

(ii) otherwise - a unanimous resolution passed by all the directors of the bidder; or

(b)  for a bidder who is an individual - the bidder.

645(3)  Approval of supplementary target's statement.  

The copy of a supplementary target's statement that is lodged with ASIC must be approved by:

(a)  if paragraphs (b) and (c) do not apply - a resolution passed by the directors of the target; or

(b)  for a target that is under administration - the liquidator or administrator; or

(c)  for a target that has executed a deed of company arrangement that has not yet terminated - the deed's administrator.

645(4)  Date.  

A supplementary statement must be dated. The date is the date on which it is lodged with ASIC.