info on luzon republic second battle, page-63

Aussie,

My research suggests it is not illegal to make an off market bid and sell shares into that bid when it is NOT a SUBSTANTIAL HOLDING. (and maybe even when it IS!)

Note from the cooperations Act 2001 (current)

SECTION 623

"For the purpose of this section, a person does not receive a benefit that is not offered under a takeover bid merely because the person sells bid class securities on-market and the takeover bid is an off-market bid or a conditional bid."

If you want to check this out yourself go to www.comlaw.gov.au

Click on "commonly viewed links"
Click on "Cooperations Act 2001"
Click on document format of your choice "Ss 601 Ed - 742"

Read in particular sections 617 forward in Chapter 6

Happy reading

Cheers