JGPM - whoever told you this told you a LIE - read for yourself http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s671b.html
CORPORATIONS ACT 2001 - SECT 671B
Information about substantial holdings must be given to company, responsible entity and relevant market operator
Requirement to give information
(1) A person must give the information referred to in subsection (3) to a listed company, or the responsible entity for a listed registered managed investment scheme, if:
(a) the person begins to have, or ceases to have, a substantial holding in the company or scheme; or
(b) the person has a substantial holding in the company or scheme and there is a movement of at least 1% in their holding; or
(c) the person makes a takeover bid for securities of the company or scheme.
The person must also give the information to each relevant market operator.
(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 formula increases or decreases by 1 or more percentage points from the percentage they last disclosed under this Part in relation to the company or scheme:
Person's & Associates Votes / Total company votes x 100
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 market after they become aware of the information if:
(i) a takeover bid is made for voting shares in the company or voting interests in the scheme; and
(ii) the person becomes aware of the information during the bid period.
UMC Price at posting:
95.5¢ Sentiment: None Disclosure: Not Held