Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 654C

  (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 ASIC.

  (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 .