Sovereign Gold Company Limited 01R - Panel Makes Interim Orders [18/07/2016] The Takeovers Panel

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TP16/55
Monday, 18 July 2016

Sovereign Gold Company Limited 01R ‑ Panel Makes Interim Orders

The Panel has made interim orders1 in connection with the application dated 11 July 2016 from Mr Brennan Westworth seeking a review of the Panel’s decision in Sovereign Gold Company Limited (see TP16/51).

In order to maintain the status quo while it considers the review, the Panel has ordered that, in the absence of Panel consent, the persons referred to in the interim orders must not dispose of, transfer, charge or otherwise deal with their shares in Sovereign Gold. 

The interim orders replaced the previous interim orders in Sovereign Gold Company Limited (see TP16/40).  The interim orders have effect until the earliest of further order of the review Panel, determination of the proceedings or 2 months from the date of the interim orders.

A copy of the interim orders is attached.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au


Corporations Act
Section 657E
Interim Orders

Sovereign Gold Company Limited 01R

Mr Brennan Westworth made a review application to the Panel dated 11 July 2016 in relation to the declaration made in Sovereign Gold Company Limited (“Sovereign Gold”).

The review Panel orders:

  1. Without the consent of the review Panel the persons named in the schedule, and each of their respective associates, must not dispose of, transfer, charge or otherwise deal with any shares in Sovereign Gold in which they have a relevant interest.
  2. These interim orders have effect until the earliest of:
    1. further order of the review Panel
    2. the determination of the proceedings and
    3. 2 months from the date of these interim orders.
Schedule

Mr Patrick Glovac

Kcirtap Securities Pty Ltd

Murdoch Capital Pty Ltd

Mr Rocco Tassone

Syracuse Capital Pty Ltd

Mr Charles Thomas

Mounts Bay Investments Pty Ltd

Applabs Technologies Ltd

Hudson Corporate Ltd

Hudson Resources Ltd

Mr Roger Martinet

Mr Cosimo Tassone

Mrs Angelina Tassone

Alissa Bella Pty Ltd

Mr Carmelo Tassone

Mr Chris Ntoumenopoulos

Boomslang Capital Pty Ltd

Davinch Pty Ltd

Mr Duncan Relf

Slam Consulting  Pty Ltd

Mr Byron Schammer

Schammer Pty Ltd

Mr Vincent Tan

Mr Michael Leu

Mr Bruce Dennis

Mr John Dawkins AO

Innisfree Australia Pty Ltd

Zero Nominees Pty Ltd, to the extent that it holds shares in Sovereign Gold for or on behalf of any of the persons named in this schedule

Alan Shaw
Counsel
with authority of Rodd Levy
President of the review Panel
Dated 15 July 2016


1 BACKGROUND: An interim order is designed to maintain the status quo until the Panel can consider the application in detail.  It may be made by the President or a sitting Panel.  Often a sitting Panel has not been appointed at the stage of considering the making of an interim order.  An interim order does not indicate that the Panel has decided to conduct proceedings or necessarily indicate the merits of an application for a declaration of unacceptable circumstances.