ANZ has issued a substantial shareholder form and under Part 6.1 section 606 of the Corporations ACT is breach of the below in the case of Solagran Ltd which ANZ has a 36% interest.
Part 6.1—Prohibited acquisitions of relevant interests in voting shares
606 Prohibition on certain acquisitions of relevant interests in voting shares Acquisition of relevant interests in voting shares through transaction entered into by or on behalf of person acquiring relevant interest (1) A person must not acquire a relevant interest in issued voting shares in a company if: (a) the company is: (i) a listed company; or (ii) an unlisted company with more than 50 members; and (b) the person acquiring the interest does so through a transaction in relation to securities entered into by or on behalf of the person; and (c) because of the transaction, that person’s or someone else’s voting power in the company increases: (i) from 20% or below to more than 20%; or (ii) from a starting point that is above 20% and below 90%.
Shouldn't ASIC have issued a notice on ANZ on the intention's of ANZ given it has breached this section of the act and what is ANZ relying on to get an exemption.
ANZ Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
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