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CORPORATIONS ACT 2001 - SECT 643

Supplementary bidder's statement

             (1)  If a bidder becomes aware of:

                     (a)  a misleading or deceptive statement in the bidder's statement; or

                     (b)  an omission from the bidder's statement of information required by section 636; or

                     (c)  a new circumstance that:

                              (i)  has arisen since the bidder's statement was lodged; and

                             (ii)  would have been required by section 636 to be included in the bidder's statement if it had arisen before the bidder's statement was lodged;

that is material from the point of view of a holder of bid class securities, the bidder must prepare a supplementary bidder's statement that remedies this defect.

Note 1:       The bidder must then send and lodge the supplementary bidder's statement in accordance with section 647.

Note 2:       Section 670A makes it an offence to give a bidder's statement after the bidder 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 bidder's statement is not limited to the situations dealt with in this section.

Note 4:       This section applies to a bidder's statement that has already been previously supplemented.

             (2)  For an offence based on subsection (1), strict liability applies to the conduct, that the bidder must prepare a supplementary bidder's statement that remedies the defect.

Note:          For strict liability , see section 6.1 of the Criminal Code .



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