A little cut and past The 20% rule and key concepts > A person...

A little cut and past

The 20% rule and key concepts
> A person cannot acquire a ‘relevant interest’ in voting securities of an entity that is subject to the takeovers rules if that would result in any person’s ‘voting power’ exceeding 20%, except via a specified exception (such as a takeover bid or scheme of arrangement).
> The concept of ‘relevant interest’ is extremely broad, covering almost all situations where a person has direct or indirect control over the voting or disposal of a security.
> A person’s ‘voting power’ in an entity is the aggregate of that person’s ‘relevant interests’ in voting
securities and the ‘relevant interests’ of that person’s associates, expressed as a percentage of all issued voting securities.
> The concept of ‘association’ seeks to ascertain all persons who should be considered as belonging to a single security holding bloc in relation to an entity. It covers all entities within the same corporate group, and persons who are deemed to be working together for the purpose of influencing the composition of the relevant entity’s board of directors or its management, or working together in relation to the relevant entity’s affairs.