Section 644 — Corporations Act 2001: Supplementary target’s statement

(1) If a target becomes aware of: (a) a misleading or deceptive statement in the target’s statement; or (b) an omission from the target’s statement of information required by section 638; or (c) a new circumstance that: (i) has arisen since the target’s statement was lodged; and (ii) would have been required by section 638 to be included in the target’s statement if it had arisen before the target’s statement was lodged; that is material from the point of view of a holder of bid class securities, the target must prepare a supplementary target’s statement that remedies this defect. Note 1: The target must then send and lodge the supplementary target’s statement in accordance with section 647. Note 2: Section 670A makes it an offence to give a target’s statement after the target 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 target’s statement is not limited to the situations dealt with in this section. Note 4: This section applies to a target’s statement that has already been previously supplemented. (2) For an offence based on subsection (1), strict liability applies to the conduct, that the target must prepare a supplementary target’s statement that remedies the defect. Note: For strict liability, see section 6.1 of the Criminal Code.