FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 20 Meaning of acquire an interest of a specified percentage in an entity
FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 20
Meaning of acquire an interest of a specified percentage in an entity(1) A person acquires an interest of a specified percentage in an entity if the person:
(a) starts to hold an interest of that percentage in the entity; or
(b) would start to hold an interest of that percentage in the entity on the assumption that the person:
(i) held interests in securities that are interests that he or she has offered to acquire; or
(ii) held rights to votes that might be cast at a general meeting of the entity that are rights that he or she has offered to acquire; or
(c) for a person who already holds an interest of that percentage in the entity:
(i) becomes in a position to control more of the voting power or potential voting power in the entity; or
(ii) starts to hold additional interests in the issued securities in the entity; or
(iii) would start to hold additional interests in the issued securities in the entity if securities in the entity were issued or transferred as the result of the exercise of rights of a kind mentioned in paragraph 15(1)(b) or (c).
Note 1: For the definition of general meeting , see section 4.
Note 2: A percentage may be specified by referring to:
(c) a "substantial interest" or a "direct interest"; or
(d) a percentage that a person holds in another entity.
(2) For the purposes of subsection (1), a reference to a
person offering to acquire interests in securities or rights includes a
reference to a person making or publishing a statement (however expressed)
that expressly or impliedly invites a holder of interests in securities or
rights to offer to dispose of interests in securities or rights.