Review Panel Restrains Dispatch of Smorgon Bidder's Statement

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The first Takeovers Panel Review Panel today announced that it had ordered Smorgon Distribution Ltd (Smorgon) to delay until 5.00 p.m. on Monday 22 May the dispatch of the bidder’s statement in relation to its offers for all of the ordinary shares in Email Ltd (Email). Amongst other things, Email had applied to the Panel for an interim order under section 657E of the Corporations Law (Law) for dispatch of the bidder’s statement to be restrained until Email’s application had been fully resolved.

The sitting Panel had resolved to refuse Email’s applications for interim orders, including the delay of the bidder’s statement, but ordered Smorgon not to dispatch its bidder’s statement in order to preserve the matter for the Review Panel’s consideration.

The sitting President of the Review Panel, Mr Brett Heading, said that the short time since the receipt of the review application and the volume of documents to be considered meant that the bidder’s statement should be delayed until the review Panel had had a chance to read the documents properly. The Review Panel expected to make a decision on Monday 22 May.

The members of the Review Panel are, Mr Brett Heading of McCullough Robertson, Brisbane (sitting President); Mr Les Taylor General Counsel of the Commonwealth Bank Ltd (deputy President); and Ms Maria Manning, Company Secretary of Queensland Cotton Ltd.

Nigel Morris
Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
(03) 9655 3501