From features.txt (distributed with undernet's ircd ircu2.10.10)

CPRIVMSG/CNOTICE:
Version: unknown, but since 2.10.07

CPRIVMSG/CNOTICE are a way around target limiting in recent undernet
servers. Undernet servers prevent you from sending messages to too many
people at once in an attempt to help cut down the amount of spam that
occurs on the network. Because there are several situations where you want
to send messages to lots of people that are on the same channel as you
(autogreet's and gamebots for example) an 'escape' was made in the form
of CPRIVMSG/CNOTICE. These allow you to send a privmsg/notice to a person
on a common channel if you are op'd (@'d) without incuring a target
penalty. If you see 'Target changed too fast' messages, you should
probably be using these commands.

Syntax:
CPRIVMSG #channel nick :Message
CNOTICE #channel nick :Message

Results are the same as for 'PRIVMSG' and 'NOTICE' respectively.

Target limiting:
Version: Recent 2.10.07ish at least.

Undernet prevents you from changing 20 targets per 2 minutes. A target
is a 'Nick' or 'channel'. This is to prevent spam. If you message more
than 20 people or join more than 20 channels in two minutes then you'll
start getting 'Target change too fast' and will have to wait before you
can start talking. See CPRIVMSG/CNOTICE above for information on how to
avoid this.

Additional Numerics:
ERR_TARGETTOOFAST 349