The Panel advises that on Friday evening, 25 January, it received an application from Focus Technologies Ltd under section 657C of the Corporations Act requesting a declaration of unacceptable circumstances in relation to a parcel of 10 million options to subscribe for shares in Focus.
The application relates to options issued by Focus to Tomorrow Corporation Pty Ltd, which was, at the time, a wholly owned subsidiary of Tomorrow Limited. The options were originally approved by Focus shareholders as part of a package of proposals put to Focus shareholders for a proposed project with Tomorrow Limited. Most of the other components of that package have not proceeded.
The Panel is advised that Tomorrow Corporation Pty Ltd is now controlled by Mr Wayne Bos, who, the Panel is advised, has ceased to be associated with Tomorrow Limited.
Focus advises the Panel that it has sought cancellation of the options.
Focus is currently suspended from trading on ASX.
The President of the Panel, Mr Simon McKeon, will shortly appoint a sitting Panel to consider this application.
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