Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A person must not
(whether as principal or agent) apply for shares in the corporate vehicle in a
public float if the acquisition of those shares would have the
result —
(a) that
the cornerstone investor’s entitlement to shares in the corporate
vehicle would become more than the specified percentage; or
(b) that
any person would be entitled to more than 5% of the shares in the corporate
vehicle.
Penalty: $200 000 or imprisonment for
12 months.
(2)
Subsection (1) does not apply to the issue or purchase of shares under an
underwriting agreement entered into to facilitate the sale of shares in the
corporate vehicle by a public float.
(3) A person must not
acquire shares in the corporate vehicle in any other way than on an
application described in subsection (1) if any person (other than the
cornerstone investor) who —
(a) is
not entitled to any shares in the corporate vehicle; or
(b) is
entitled to less than 5% of the shares in the corporate vehicle,
would, immediately
after the acquisition, be entitled to more than 5% of the shares in the
corporate vehicle.
Penalty: $200 000 or imprisonment for
12 months.
(4)
Subsection (3) does not apply to an acquisition occurring at least
2 years after the day on which a person becomes the cornerstone investor.
(5) A contract,
dealing or other transaction is not unenforceable, voidable, or void merely
because it was contrary to this section.