JGPM - whoever told you this told you a LIE - read for...

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.