Webster Limited - President Makes Interim Order [30/06/2020] The Takeovers Panel

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TP20/39
Tuesday, 30 June 2020

Webster Limited - President Makes Interim Order

The President of the Panel has made an interim order1 in relation to an application from Winpar Holdings Limited in relation to the affairs of Webster Limited (see TP20/38).

The interim order states that Henslow Acquisitionco Pty Ltd must not take any further steps in relation to the process to compulsorily acquire all of Webster’s preference shares pursuant to Part 6A.2.2

The interim order has effect until the earliest of further order of the Panel or the President, determination of the proceedings or 2 months from the date of the interim order.

A copy of the interim order is attached.

Tania Mattei
Counsel, Takeovers Panel
Level 16, 530 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3500
takeovers@takeovers.gov.au


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.

2 Unless otherwise indicated, all statutory references are to the Corporations Act 2001 (Cth), and all terms used in Chapter 6 or 6C have the meaning given in the relevant Chapter (as modified by ASIC).


Annexure A

CORPORATIONS ACT
SECTION 657E
INTERIM ORDER

WEBSTER LIMITED

Winpar Holdings Limited made an application to the Panel dated 28 June 2020 in relation to the affairs of Webster Limited (Webster).

The President ORDERS:

  1. Henslow Acquisitionco Pty Ltd must not take any further steps in relation to the process to compulsorily acquire all of Webster’s preference shares pursuant to Part 6A.2 of the Corporations Act 2001 (Cth).
  2. This interim order has effect until the earliest of:
    1. further order of the Panel or the President
    2. the determination of the proceedings and
    3. 2 months from the date of this interim order.

Tania Mattei
Counsel
with authority of Alex Cartel
President of the Panel
Dated 30 June 2020