THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.9 - OTHER ACTIVITIES DURING THE BID PERIOD

SECTION 654C   DISCLOSURES ABOUT SUBSTANTIAL SHAREHOLDINGS IN UNLISTED COMPANIES  

654C(1)  [Obligation to provide notice]  

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)  [Time limit]  

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)  [Availability and lodgment of notice]  

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.


 

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