85% holder—holder of 85% of securities in particular class

(1) A person is an 85% holder in relation to a class of securities of a company if the person holds, either alone or with a related body corporate, full beneficial interests in at least 85% of the securities (by number) in that class.

85% holder—holder with 85% voting power and 85% of whole company

(2) A person is also an 85% holder in relation to a class of securities of a company if:

(a)

the securities in the class are shares or convertible into shares; and

(b)

the person's voting power in the company is at least 85%; and

(c)

the person holds, either alone or with a related body corporate, full beneficial interests in at least 85% by value of all the securities of the company that are either shares or convertible into shares.

Person becoming 85% holder to give notice to company

(3) A person who becomes an 85% holder in relation to a class of securities of a company must notify the company in writing that they have become an 85% holder in relation to that class. The person must give the notice within 14 days after the person becomes aware of the information.

Person continuing to be 85% holder to give notice to company

(4) A person who:

(a)

gives a company a notice under subsection (3) in relation to a class of securities; and

(b)

is an 85% holder in relation to the class on any anniversary of becoming an 85% holder in relation to the class;