The Panel advises that it has received an application on behalf of the directors of Radly Corporation Limited (Receivers and Managers Appointed). The application seeks a declaration of unacceptable circumstances and interim orders in relation to an agreement entered into on 14 June 2002, between the receivers of Radly and both of Investec Australia Pty Ltd and MGB Equity Growth Pty Ltd. The agreement relates to the purchase of 19.9% of the issued capital of Isis Communications Ltd by MGB and Investec.
The application alleges that Investec and MGB may have acquired relevant interests in all of the shares in Isis held by Radly, rather than merely the 19.9% which it has been announced that they have agreed to purchase.
Following an agreement offered by the parties to maintain the status quo in order to facilitate the Panel's proceedings, the Panel does not currently see a need to make any interim orders.
The Panel notes that it has not commenced proceedings and makes no comment on the allegation.
The President is currently assembling a sitting Panel for the application.
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501