Commonwealth Consolidated Acts

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Disclosures about substantial shareholdings in unlisted companies

             (1)  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%.

             (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.

             (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 the Registrar.

          (3A)  The lodgement must meet any requirements of the data standards.

             (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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