Corporate governance update: substantial holder notices — some recent developments

Substantial holder notices are essential for the existence of an informed market. As reiterated by the Takeovers Panel in the recent Northern Iron Ltd [2014] ATP 11 decision, ‘the broadly cast requirements of section 671B(4)3 contribute to ensuring that the market is fully aware of the nature of, and details concerning, the substantial holder and their associates’ interest and the potential impact of the terms of any relevant agreement’.

As a consequence then, a material failure to comply with the substantial holder provisions may warrant enforcement action by the Australian Securities and Investments Commission (ASIC) and/or give rise to a declaration of unacceptable circumstances and orders by the Takeovers Panel.

In this corporate governance update, DLA Piper provides a brief overview of the substantial holder notice regime under chapter 6C of the Corporations Act (Cth) 2001; highlights areas of focus for ASIC; and highlights, by reference to the recent Takeovers Panel decision in Northern Iron, some potential consequences of material non-compliance…

Click on the link below to read the rest of the DLA Piper briefing.

Briefings from DLA Piper

View more briefings from DLA Piper

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

3 Noble Street
London
EC2V 7EE
UK
http://www.dlapiper.com

Turnover (£m): 1,539.00
No. of lawyers: 4,374(UK 200)
Jurisdiction: Global
No. of offices: Over 75
No. of qualified lawyers: 625 (International 50)

Jobs