Application in Relation to Winepros

Release number


The Panel advises that on Friday, October 18, it received an application from Starmore Investments Pty. Ltd. The application seeks a declaration of unacceptable circumstances and interim and final orders in relation to the acquisitions of approximately 16 million shares in Winepros Ltd. in the period 4 to 14 October 2002. The shares were sold by previous significant shareholders in Winepros and were sold via a number of crossings by various stockbrokers. The shares constitute approximately 32% of Winepros' issued shares.

Starmore Investments has sought interim orders restraining further acquisitions by the persons named in its application. It has also requested the Panel to make interim orders restraining the voting of the Disputed Shares at a meeting of Winepros scheduled to consider issues related to the takeover bid Starmore Investments has made for Winepros. The meeting is scheduled for 30 October 2002.

Starmore Investments commenced its offer on 17 September 2002. The offer is a proportional takeover offer for 85% of the issued shares of Winepros. The price was originally announced to be 2.1 cents per share. Starmore Investments has subsequently increased its offer price.

The Panel has currently advised that it considers the interim orders requested by Starmore Investments are premature, but remains ready to make them closer to the meeting date if it considers that desirable.

The Panel has not had any communications yet with the persons named in the application, and is unaware of their views in relation to the application.

The sitting Panel for the application is Teresa Handicott (sitting President), Nerolie Withnall (sitting Deputy President) and Scott Reid.

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501