Non-control transactions above the 20% limitThere are a number...

Non-control transactions above the 20% limitThere are a number of exceptions to the restriction on acquisitions of shares above the 20% limit which do not require a takeover bid to be made to all shareholders. The main exceptions are described below.3.1 "Creeping" acquisitionsThe Corporations Act3 permits acquisitions of shares to be made above the 20% limit where the acquirer does not increase its voting power in the target company by more than three percentage points over a rolling six month period. The "creeping" acquisition exception allows shares to be acquired in any way, such as buying shares on market, participating in a new issue of shares, or entering into options or other arrangements with other shareholders.In order to rely on this exception, the acquirer must have held voting power in the target company of at least 19% throughout the six month period before the creeping acquisition.