The Panel announces that it has received an application from Gerald Francis Pauley and Gordon Bradley Elkington dated 12 May 2004 alleging unacceptable circumstances in relation to the affairs of Kaefer Technologies Limited (KAE).
The applicants are shareholders of KAE who allege that unacceptable circumstances arise in relation to a proposed selective capital reduction and the placement of KAE into voluntary administration. The applicants allege that the major shareholder of KAE, Kaefer Isoliertechnik GmbH (KIG), and the KAE board have together undertaken a series of actions to enable KIG to obtain control of KAE without making a takeover bid.
The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the other parties to the application and it is, therefore, unaware of their views.
The President of the Panel is appointing a sitting Panel to consider the application.
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553