Games being played, page-25

From www.companysecretary.com.au

"Part 6C.1 of the Corporations Act (primarily sections 671B ~ 671C) covers the requirements and obligations on Substantial Shareholders of companies listed on stock exchanges in Australia, including those incorporated in foreign countries. .....
In summary, section 9 of the Act defines a ‘substantial holding’ in shares as being a ‘relevant interest’ of 5% or more (of the voting power of those shares) under the control of a shareholder and/or his associates.
‘Relevant interest’ is defined in section 608 as, in summary, “holding or controlling voting or disposal of securities …… no matter how remote the relevant interest is or how it arises”. .....
The objective of the law is so that market participants, shareholders and directors of a listed company are able to identify the controllers (including the associates of those shareholders who also hold such shares) of substantial blocks of voting shares or interests in that company...
Therefore, under sec. 671B, any shareholder who acquires (alone or with associates) a relevant interest in 5% or more of a company’s shares must disclose that fact by lodging an ASIC Form 603 “Notice of Initial Substantial Shareholder” with the Company and disallowed. This lodgement requirement also extends to a shareholder making a takeover bid even if the initial holding is below 5%. ..
Furthermore, for each 1% (or more) change in holding a Form 604 “Notice of Change of Interests of Substantial Shareholder” must be lodged. And, if the holding falls below 5% a Form 605 “Notice of Ceasing to be a Substantial Shareholder” must be lodged.
These Forms must be lodged within 2 business days after they become aware of the transaction or change in % holding and by 9:30am next stock exchange trading day in a takeover situation. '