CORPORATIONS ACT 2001 - SECT 671BInformation about substantial...

CORPORATIONS ACT 2001 - SECT 671B

Information about substantial holdings must be given to company, responsible entity, fund operator and relevant market operator

Requirement to give information

(1) A person must give the information referred to insubsection (3) to a listed company, or the responsible entity for alisted registered scheme, or the operator of a listed notified foreignpassport fund in accordance with this section, if:

(a) the person begins to have, or ceases to have, a substantial holdingin the company, scheme or fund; or

(b) the person has a substantial holding in the company, scheme or fundand there is a movement of at least 1% in their holding; or

(c) the personmakes a takeover bid for securities of the company orscheme.

The person must also give the information to each relevant market operator.

Note 1: Section 9 defines substantialholding and associate .

Note 2: The information must be given evenif the situation changes by the time the information is to be given.

Note 3: Paragraph (c) does not applyin relation to a notified foreign passport fund.

(2) For the purposes of this section, there is a movement of at least 1%in a person's holding if the percentage worked out using the following formulaincreases or decreases by 1 or more percentage points from the percentage theylast disclosed under this Part in relation to the company, scheme or fund:

where:

"person's and associates' votes" is the total number of votes attached to allthe voting shares in the company, interests in the scheme or interests in thefund (if any) that the person or an associate has a relevant interest in.

"total votes in company, scheme or fund" is the total number of votes attachedto all voting shares in the company, interests in the scheme or interests inthe fund.

Note: Subsection (7) expands the normal concept of relevant interest to takeaccount of market traded options and conditional agreements.

Information that must be given

(3) The information to be given is:

(a) the person's name and address; and

(b) details of their relevant interest in:

(i) voting shares in the company; or

(ii) interests in the scheme; or

(iii) interests in the fund; and

(c) details of any relevant agreement through which they would have arelevant interest in:

(i) voting shares in the company; or

(ii) interests in the scheme; or

(iii) interests in the fund; and

(d) the name of each associate who has a relevant interest invoting shares in the company, interests in the scheme or interests in thefund, together with details of:

(i) the nature of their association with the associate; and

(ii) the relevant interest of the associate; and

(iii) any relevant agreement through which the associate has therelevant interest; and

(e) if the information is being given because of a movement in theirholding--the size and date of that movement; and

(f) if the information is being given because a person has ceased to bean associate--the name of the person; and

(g) any other particulars that are prescribed.

Note: Subsection (7) expands the normal concept of relevant interest to takeaccount of market traded options and conditional agreements.

Information to be in prescribed form and accompanied by certain documents

(4) The information must be given in the prescribed form and must beaccompanied by:

(a) a copy of any document setting out the terms of any relevantagreement that:

(i) contributed to the situation giving rise to the person needing toprovide the information; and

(ii) is in writing and readily available to the person; and

(b) a statement by the person giving full and accurate details of anycontract, scheme or arrangement that:

(i) contributed to the situation giving rise to the person needing toprovide the information; and

(ii) is not both in writing and readily available to the person.

If the person is required to give a copy of a contract, scheme or arrangement,the copy must be endorsed with a statement that the copy is a true copy.

(5) The information does not need to be accompanied by the documentsreferred to in subsection (4) if the transaction that gives rise to theperson needing to provide the information takes place on a prescribedfinancial market.

Deadline for giving information

(6) The person must give the information:

(a) within 2 business days after they become aware of the information;or

(b) by 9.30 am on the next trading day of the relevant financial marketafter they become aware of the information if:

(i) a takeover bid is made for voting shares in the company or votinginterests in the scheme; and

(ii) the person becomes aware of the information during the bid period.

Relevant interests--exchange traded options and conditional agreements

(7) For the purposes of this section, a person has a relevant interestin securities if the person would have a relevant interest in the securitiesbut for subsection 609(6) (market traded options) or 609(7) (conditionalagreements).

Fault-based offence

(8) A person commits an offence if the person contravenessubsection (1).

Strict liability offence

(9) A person commits an offence of strict liability if the personcontravenes subsection (1).

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Now im not a Lawyer but this says you must disclose a substantial holding....end of story.
Apart for this let the Lawyers sort it out in the courts.
Jees buddy, i think that you have still got your blinkers on.
What you saw was a well orchestrated pump & dump....absolutely no doubt