Gulf Alumina Limited - Variation of Order [10/05/2016] The Takeovers Panel

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TP16/30
Tuesday, 10 May 2016

Gulf Alumina Limited - Variation of Order

The Panel made a declaration of unacceptable circumstances and final orders on 11 March 2016 regarding an application dated 15 February 2016 from Metro Mining Limited in relation to the affairs of Gulf Alumina Limited (see TP16/08 and TP16/15).

The Panel's orders were varied on 21 March 2016 (see TP16/16), 1 April 2016 (see TP16/18), 12 April 2016 (see TP16/22) and 4 May 2016 (see TP16/29).

On 6 May 2016, Gulf applied to vary the Panel's orders to allow more time for the independent expert to prepare its report. After considering submissions, the Panel has further varied its orders (see Annexure A) to:

  • extend the time for Gulf to issue and dispatch a copy of its supplementary target's statement, including a copy of the independent expert's report, to no later than 16 May 2016, and to send the copy by express post or (in the case of overseas shareholders) by courier and (where email addresses are available) by email and
  • order that Metro extend the offer period in relation to the Metro offer in accordance with the Corporations Act to close not earlier than 7pm (Melbourne time) on 26 May 2016.

The sitting Panel was Richard Hunt (Sitting President), Andrew Lumsden and Karen Phin.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3500
allan.bulman@takeovers.gov.au


Annexure A

Corporations Act
Section 657D(3)
Variation of Orders

Gulf Alumina Limited

Pursuant to section 657D(3) of the Corporations Act 2001 (Cth)

The Panel orders

The final orders made on 11 March 2016, as varied on 21 March 2016, 1 April 2016, 12 April 2016 and 4 May 2016 are further varied by:

  1. In paragraph 2(d):
    1. replacing the words "no later than 11 May 2016" with "no later than 16 May 2016" and
    2. inserting after the word "copy" the following ", by express post or (in the case of overseas shareholders) by courier and (where email addresses are available) by email,".
  2. Inserting the following additional order after paragraph 4:

    "4A. No later than the business day after the supplementary target's statement is issued under paragraph 2(d), Metro extend the offer period in relation to the Metro offer in accordance with the Corporations Act to close not earlier than 7pm (Melbourne time) on 26 May 2016."

Richard Hunt
President of the sitting Panel
Dated 10 May 2016