Panel Declines Application in Winepros

Release number


The Panel advises that today it has decided to decline to make any declaration in relation to an application from Starmore Investments Pty. Ltd. it received on Friday, October 18.

The Panel has considered the submissions in relation to the Winepros application.

The Panel considers that there is insufficient material before it to determine that unacceptable circumstances had occurred or to make any orders. Further, on the basis of the material before it, it doubts that there is any further investigation which is practically available to it that would materially alter that position.

Therefore the Panel has decided not to make any finding that unacceptable circumstances had occurred as a consequence of the acquisitions referred to in the Starmore application.

Also, the Panel has determined not to interfere with the Winepros general meeting which is scheduled for Tuesday 30 October 2002.

There is one outstanding issue in that Trojan House Group advises in its submissions to the Panel that Trojan House, JRS Investments, Troy Harry and John Harry are associated parties and collectively hold 19.9% of the shares in Winepros. The Panel notes that none of those persons have lodged a substantial shareholder notice indicating that Trojan House and JRS are associates. The Panel has asked the Trojan House Group for an undertaking that such a substantial shareholder notice will be lodged forthwith. The Panel will be notifying ASIC of the above issue.

The application sought 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. The shares constitute approximately 32% of Winepros' issued shares.

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