The Panel announced today that it has consented to an application for review of the decision of the Panel on 27 September 2001 to decline to make a declaration of unacceptable circumstances in relation to a proposed placement by Bigshop.com.au Limited (Bigshop) to Macquarie Bank Limited (Macquarie).
The review application (under section 657EA of the Corporations Act) is by Fast Scout Limited (Fast Scout), which made the original application in relation to its proposed bid for Bigshop. In its original application, Fast Scout applied for a declaration of unacceptable circumstances in relation to a proposed placement of 10 million ordinary shares and 2 million options by Bigshop to Macquarie and for an interim order restraining Bigshop from proceeding with the proposed placement until the matter is determined by the Panel.
Fast Scout is concerned that the placement would frustrate its proposed offer for Bigshop by breaching a pre-condition and a proposed defeating condition of the bid that Bigshop not issue any shares from the date of the announcement of Fast Scout's intention to make a bid to the end of the bid period.
Under section 657EA of the Corporations Act, Fast Scout requires the consent of the President of the Panel to make its review application. The President of the Panel has consented to the application.
The acting President of the Panel, Ms Nerolie Withnall, has appointed the following sitting Panel in this matter:
The Hon Justice Robert Austin (sitting President);
Mr Simon Mordant (sitting Deputy President); and
Ms Karen Wood.
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501