Section 654A — Corporations Act 2001: Bidder not to dispose of securities during the bid period

(1) The bidder must not dispose of any securities in the bid class during the bid period. (1A) An offence based on subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. (2) Subsection (1) does not apply to a disposal of securities by the bidder if: (a) someone else who is not an associate of the bidder makes an offer, or improves the consideration offered, under a takeover bid for securities in the bid class after the bidder’s statement is given to the target; and (b) the bidder disposes of the securities after the offer is made or the consideration is improved. Note: A defendant bears an evidential burden in relation to the matters in subsection (2), see subsection 13.3(3) of the Criminal Code.