buying continues?, page-7

Under section 671B of the Corporations Act 2001, an obligation to make initial substantial holding disclosure arises where a relevant interest is acquired in 5% or more of a listed company (or scheme). Any movement of 1% in that holding requires lodgement of a further notice. Where the obligation to lodge a substantial holding notice arises, it must be lodged:

(a) Within two business days of the holder becoming aware of their substantial holding; or
(b) If a takeover is on foot, by 9:30am on the next trading day of the financial market after becoming aware of the substantial holding.

ASIC has advised that it proposes to issue a consultation paper to consider means of streamlining the notification procedures.

(2) The takeover thresholds in section 606 of the Corporations Act 2001, which prohibit a person from acquiring relevant interests in the voting shares of a public/listed company (or scheme) if that person or someone else's voting power increases from a position below 20% to above 20% (or from a position above 20% to a higher position that is less than 90%) other than through one of the 'gateways' in section 611 (Takeover Provisions).