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 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 .

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