TP03/049
The Panel advises that it has published its reasons for declining to commence proceedings in relation to an application by Dr Elkington. The application was in relation to the election of directors of Aliquot Asset Management Limited (Aliquot).
The application asserted that the directors of each of Aliquot, Asset Backed Holdings Limited (Asset Backed) and EquitiLink eLink (EquitiLink) (the two largest shareholders in Aliquot) had entered into an agreement under which the directors of Aliquot agreed to appoint EquitiLink's nominees as additional directors of Aliquot.
The application sought an order that Asset Backed make a takeover bid for the shares of Aliquot at a price which the Panel regards as appropriate. Alternatively, the Shareholder sought an order that EquitiLink, or Asset Backed and EquitiLink jointly, make such a takeover bid.
On 1 May 2003 the Panel declined to commence proceedings. The Panel noted that EquitiLink was a significant shareholder in Aliquot, holding 18.3% of Aliquot's shares and that it was not unusual for a significant shareholder to seek board representation. The Panel considered that the applicant did not provide any evidence in the application of an agreement between Asset Backed, EquitiLink and Aliquot in relation to the exercise of voting power over shares held by Asset Backed or EquitiLink or which otherwise would give rise to unacceptable circumstances.
The reasons for its decision have been published on the Panel's website.
The President of the Panel appointed Peter Cameron, Alice McCleary and Andrew Lumsden to consider the application.
Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au
