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  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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian government has launched ‘Accelerating Commercialisation’, an initiative aimed at accelerating the commercialisation of intellectual property relating to new products, processes and services.
Hong Kong Competition Commission publishes draft guidelines — a key step toward bringing the competition ordinance into full force
The Hong Kong Competition Commission has published a set of draft guidelines on 9 October 2014 for public consultation.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.