The Panel has today received an application by Liquorland (Australia) P/L in relation to its bid for Australian Liquor Group Ltd (ALQ). Liquorland has applied for an interim order restraining the payment by it of the bid consideration and for a declaration of unacceptable circumstances and final orders. Liquorland has made the application initially to put the payments on hold until the Panel has determined its application for a declaration and final orders.
The payments, of $1.20 per share are currently due from 18 July. Liquorland is a wholly owned subsidiary of Coles Myer Ltd.
Liquorland alleges that disclosure by ALQ during Liquorland's bid was inadequate. Liquorland advises that it intends to seek a Panel declaration that the disclosure by ALQ concerning its financial performance was deficient and constituted unacceptable circumstances.
Liquorland is seeking orders reducing the amount payable under the bid in light of its belief that ALQ will make a loss for last financial year.
Liquorland made its offers on 1 May 2001. The offer was freed from all conditions on 19 June 2001, and Liquorland commenced compulsory acquisition proceedings on that date. When the offer closed on 29 June 2001, Liquorland had a relevant interest in 97% of ALQ shares.
The acting President of the Panel, Mrs. Nerolie Withnall, is currently assembling a sitting Panel for this matter.
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501