Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p17
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 42108–44792

knows that the announcement is false or is recklessly indifferent to whether it is true or false;
     (b) in the case of an announcement that he proposes to make take-over offers, or to cause take-over offers to be made, or to cause a take-over

     announcement to be made—he has no reasonable grounds for believing that he will be able to perform his obligations arising under the take-over scheme or take-over announcement, or arising under this Act in connection with the take-over scheme or take-over announcement, if a substantial proportion of the take-over offers, or of the offers constituted by the take-over announcement, as the case may be, are accepted; or
     (c) in the case of an announcement that he and another person, or he and other persons, together propose to make take-over offers, or to cause take-over offers to be made, or to cause a take-over announcement to be made—he has no reasonable grounds for believing that he and the other person, or he and the other persons, as the case may be, will together be able to perform their obligations arising under the take-over scheme or take-over announcement, or arising under this Act in connection with the take-over scheme or take-over announcement, if a substantial proportion of the take-over offers, or of the offers constituted by the take-over announcement, as the case may be, are accepted.
"(2) A person who contravenes sub-section (1) is guilty of an offence the penalty for which is a fine not exceeding $20,000 or imprisonment for a period not exceeding 5 years, or both.
"(3) Where a person, whether alone or together with another person or other persons, makes a public announcement to the effect that he proposes, or that he and another person or other persons together propose, to make a take-over bid in relation to shares in a company, the person shall, within 2 months after making the announcement or such further period as the Commission permits in writing, either alone or together with another person or other persons, make a take-over bid in relation to shares in that company in accordance with the public announcement.
"(4) A person who contravenes sub-section (3) is guilty of an offence the penalty for which is a fine not exceeding $10,000 or imprisonment for a period not exceeding 2 years, or both.
"(5) A person who—
     (a) makes a public announcement in contravention of sub-section (1) and fails, in contravention of sub-section (3), to make a take-over bid in accordance with the announcement; and
     (b) is convicted of an offence under sub-section (2) or (4) in respect of one of those contraventions,
is not liable to be convicted of an offence under sub-section (4) or