The Takeovers Panel has received an assurance from Messrs PJ & JP O’Shea that they will provide additional evidence supporting their application to the Panel concerning the Pre-Bid Agreement between FKP Limited and two substantial shareholders in Forest Place relating to the current bid by FKP for shares in Forest Place. The additional evidence will take the form of an accountant’s report on the issue whether that agreement provides collateral benefits to the relevant shareholders.
On the basis of that assurance, the Panel has decided to conduct proceedings in relation to the application.
The application sought orders affecting the Pre-Bid Agreement, the amount to be paid to other shareholders who accepted the bid, or both. In order to preserve the present situation, the Panel has made an interim order restraining FKP from giving effect to the clause of the Pre-Bid Agreement to which the application relates, and from processing acceptances of the bid, while the proceedings continue.
Accordingly, accepting shareholders will not be paid for their shares, and their shares will not be transferred to FKP, for about three weeks, subject to the Panel’s decision at the completion of the proceedings. The Panel will make a further announcement when it has made its decision on the application, or if there are other developments.
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553