Section 654C — Corporations Act 2001: 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.