How to apply
An application for a declaration under s657A or an order under section 657D or 657E of the Corporations Act may be made by:
- the bidder; or
- the target; or
- ASIC; or
- any other person whose interests are affected by the circumstances complained of.
This could include, for example, a target in relation to a bidder's statement, a bidder in relation to a target's statement, a shareholder in relation to a proposed corporate action by a company or another person who is able to show that they are more than a mere bystander.
An application for review of a decision of ASIC under s655A, or a decision of ASIC under section 673 in relation to securities of the target of a takeover bid during the bid period, may be made by any person whose interests are affected by the ASIC decision. This could include, for example, a company that made an application to ASIC for relief that was refused by ASIC.
A potential applicant should contact the executive as soon as it thinks it is likely to make an application, and advise the executive of the persons and advisors involved (so far as known). Contacting the executive in this way does not result in any commitment to make an application, but assists the executive in planning for the application. An applicant should also contact the executive as soon as possible after it sends an application to confirm that it has been received by the executive. A party or potential party to a matter can also contact the executive to discuss the process for the matter.
Potential applicants should refer to the Panel's Procedural Rules before making an application to the Panel.
The Panel has various pro-forma documents that may be used by parties, including a pro-forma application (although an application does not need to be in a particular form or follow the structure of the pro-forma application). Even though there is no obligation to follow the pro-forma application, an application must still:
- ensure that all the content in the pro-forma application is included. This is not required in the case of an application for review of a Panel decision (as the information would have been provided in the original application)
- include a Notice of Appearance in the prescribed form and
- not exceed 10 A4 pages in 12 point for the details of the application.
See Procedural Rule 3.1.
A fee is payable on an application to the Panel. At 1 June 2010, the fee under the Corporations (Fees) Regulations 2001 (Cth) Sch 1, item 27(I), is A$2,010.
Applicants should post a cheque in favour of 'The Department of Treasury' to the executive at Level 10, 63 Exhibition Street, Melbourne VIC 3000, Australia. If the executive does not receive the cheque within 3 Business Days of receipt of the application, the executive may seek an undertaking that the cheque will be posted.
Applications should be sent to the Panel via email at email@example.com or by mail to Level 10, 63 Exhibition Street, Melbourne, Vic, 3000 Australia.
An application must also be provided to ASIC and any person identified in the application as a potentially interested person. Documents to be sent to ASIC are to be sent by email to AsicTakeoverMatters@asic.gov.au.
A single email should not be larger than 8 megabytes in total. Individual attachments to the email should not be larger than 3 megabytes and should be given to the Panel in Word format where available. Other parties may receive the attachments in PDF format.