Document ID: chunk:federal_register_of_legislation:C2025C00185:section:654c
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 654C
Character Range: 2581660–2582657

654C  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.

Part 6.10—Review and intervention

Division 1—ASIC's power to exempt and modify