Tried to get handle on what happens when a major SHLDR changes holdings & the timeframe in which they alert the market! Found this:
Timing for giving notice
RG 5.292
RG 5.293
RG 5.294
RG 5.295
RG 5.296
RG 5.297
RG 5.298
RG 5.299
The timing for giving a substantial holding notice varies depending on
whether the listed entity in respect of which the substantial holder is giving
the notice is the subject of a takeover bid.
Where the listed entity is not the subject of a takeover bid, the substantial
holding notice must be given within two business days of:
(a)
(b)
the person becoming, or ceasing to be, a substantial holder in the listed
entity; or
a movement of at least 1% in the person’s substantial holding in the
listed entity.
This timing is accelerated during a takeover bid, when the substantial
holding notice must be given by 9.30 am on the next business day: see
RG 5.297.
In either case, a person must give a substantial holding notice whether or not
they have completed a larger investment move or unwound their investment
position within that time: s671B(6)(a).
The short deadlines for giving notices are designed ‘to compel, in fast
moving markets, the immediate disclosure of the identity of the persons who
become substantial security holders’: Meridian Global Funds Management
Asia Ltd v Securities Commission [1995] 2 AC 500 at 511.
Disclosures during a takeover bid
When there is a takeover bid for a listed entity, if the substantial holding
requirement is triggered during the bid period, notices must be given by
9.30 am on the next business day: s654B and 671B(6)(b). This applies to all
substantial holders, not just bidders.
Note: For discussion on when ASIC considers a person has made a takeover bid for the
purposes of s671B(6)(b)(i), see RG 5.288. This view is consistent with s654B, which
applies, in any event, during the ‘bid period’.
Can someone clarify:
1. Are changes in major Shldr notices not required due to Mynd's interest?(is their bid considered a "Takeover?"
2. Are there outstanding notices on major holding changes since the Capital Raise?
3. Did Sandon announcement include the Capital Raise issue?
Any idea where Mynd's interest is at & timeframe for updates?
Are their others now taking an interest? ie. seeking to run a ruler over IDT?
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