Corporations Act 2001

If a bidder becomes aware of:

a misleading or deceptive statement in the bidder’s statement; or

an omission from the bidder’s statement of information required by section 636; or

a new circumstance that:

has arisen since the bidder’s statement was lodged; and

would have been required by section 636 to be included in the bidder’s statement if it had arisen before the bidder’s statement was lodged;

The bidder must then send and lodge the supplementary bidder’s statement in accordance with section 647.

Section 670A makes it an offence to give a bidder’s statement after the bidder has become aware of a misleading or deceptive statement, omission or new circumstance that is material from the point of view of a holder of securities to whom the statement is given (unless the deficiency is corrected).

The power to issue a supplementary bidder’s statement is not limited to the situations dealt with in this section.

This section applies to a bidder’s statement that has already been previously supplemented.

For an offence based on subsection (1), strict liability applies to the conduct, that the bidder must prepare a supplementary bidder’s statement that remedies the defect.

For strict liability, see section 6.1 of the Criminal Code.