Strangely I thought it was a week. In my experience the 2 days is not tightly policed due to administrative inefficiencies. Also notice the wriggle room " 2 business days after they become aware"
http://www.companysecretary.com.au/board_briefings/SubstantialShareholders.pdf
"Therefore, under sec. 671B, any shareholder who acquires (alone or with associates) a relevant interest in 5% or more of a company’s shares must disclose that fact by lodging an ASIC Form 603 “Notice of Initial Substantial Shareholder” with the Company and disallowed. This lodgement requirement also extends to a shareholder making a takeover bid even if the initial holding is below 5%.
Furthermore, for each 1% (or more) change in holding a Form 604 “Notice of Change of Interests of Substantial Shareholder” must be lodged. And, if the holding falls below 5% a Form 605 “Notice of Ceasing to be a Substantial Shareholder” must be lodged.
These Forms must be lodged within 2 business days after they become aware of the transaction or change in % holding and by 9:30am next stock exchange trading day in a takeover situation."
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5 | 1049000 | 0.005 |
2 | 1933333 | 0.004 |
3 | 1300000 | 0.003 |
3 | 6832000 | 0.001 |
Price($) | Vol. | No. |
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