The Takeovers Panel advises that it has today extended by seven days the interim order which the Panel made on 17 July 2001 restraining payment to ex-directors of Australian Liquor Group Ltd (ALQ) and their associates for their shares under the Liquorland Ltd. bid for ALQ.
The interim order originally restrained payment until 31 July. Liquorland has advised the Panel that it intends initiating a damages action against the ex-directors in relation to disclosure of financial performance of ALQ prior to and during its bid. Liquorland provided evidence that it needed further time to apply to the Victorian Supreme Court for orders to replace the Panel's interim order.
The Panel has accepted that Liquorland reasonably needs additional time to initiate its action. The Panel's interim order will now finally expire on 7 August 2001.
The Panel has ordered that Liquorland release to one of the ex-directors an amount of money equivalent to the accrued interest on the money which would have been paid to that director, apart from the Panel's interim order. This will reduce any hardship caused by the order. The Panel had initially ordered that the retained funds be paid into an interest bearing account for the duration of the interim order and the interest be paid with the principal.
The sitting Panel is Ms Alice McCleary, Mr David Gonski, Ms Carol Buys.
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501