Strategic Minerals Corporation NL 02R & 03R - Review Panel Makes Interim Orders [19/02/2018] The Takeovers Panel

PDF icon PDF 93KB

TP18/14
Monday, 19 February 2018

Strategic Minerals Corporation NL 02R & 03R - Review Panel Makes Interim Orders

The review Panel has made interim orders in response to an application for a stay by QGold Pty Ltd of the final orders made by the initial Panel on 15 February 2018 in relation to Strategic Minerals Corporation NL (see TP18/12).

Both QGold and Strategic Minerals have made applications seeking a review of the initial Panel’s decision to make a declaration of unacceptable circumstances in relation to Strategic Minerals (see TP18/08).

The review Panel has stayed the effect of the final orders.

In connection with the stay, the review Panel made two additional interim orders to maintain the status quo pending its consideration of the review applications.  The additional interim orders require that:

  • the securities of Strategic Minerals remain suspended from official quotation on the ASX and
  • no request be made to remove Strategic Minerals from the official list of the ASX.

The stay and additional interim orders have effect until the earliest of further order of the Panel, determination of the review proceedings and 2 months from the date of the interim orders.

The interim orders do not indicate that the review Panel has decided to conduct proceedings or necessarily indicate the merits of the review applications.

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 3500
takeovers@takeovers.gov.au


Annexure A

CORPORATIONS ACT
SECTION 657E
INTERIM ORDERS

STRATEGIC MINERALS CORPORATION NL 02R & 03R

Strategic Minerals Corporation NL and QGold Pty Ltd have each made an application to the Panel dated 5 February 2018 seeking a review of the Panel's decision to make a declaration of unacceptable circumstances in relation to Strategic Minerals Corporation NL.

The Panel ORDERS:

  1. The Final Orders are stayed.
  2. Strategic Minerals must procure that the securities of Strategic Minerals remain suspended from official quotation on the ASX.
  3. Strategic Minerals must not (and QGold must procure that it does not) request removal of Strategic Minerals from the official list of the ASX.
  4. These interim orders have effect until the earliest of:
    1. further order of the Panel
    2. the determination of the proceedings and
    3. 2 months from the date of these interim orders.
  5. In these orders the following terms apply.
  6. Final Orders
    The final orders made by the Panel on 15 February 2018 in relation to Strategic Minerals
    QGold
    QGold Pty Ltd
    Strategic Minerals
    Strategic Minerals Corporation NL

Bruce Dyer
Counsel
with authority of Peter Day
President of the sitting Panel
Dated 16 February 2018