Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_670e
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 670E
Character Range: 366593–367371

670E  Liability for proposing a bid or not carrying through with bid

 (1) A person who:
 (a) enters into a transaction relating to securities in reliance on:
 (i) a public proposal for a takeover bid; or
 (ii) an announcement of a market bid; and
 (b) suffers loss or damage that results from a contravention of section 631:
may recover the amount of the loss or damage from:
 (c) the person who contravened the section; or
 (d) any person involved in the contravention.

 (2) To determine the amount of compensation payable under subsection (1), deduct the price of the securities at which the transaction was entered into from the price of the securities at which the transaction would have been likely to be entered into if the proposal or announcement had not been made.