The Takeovers Panel has today published the reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to the application (the Application) from Skywest Limited (Skywest) dated 5 July 2004 concerning the off-market takeover bid by CaptiveVision Capital Limited (CVC) for all the fully paid ordinary shares in Skywest (the Bid).
The Application concerned circumstances in which CVC had obtained and possessed non-public and material information about Skywest from Skywest’s then chief financial officer, Mr Craig Lovelady, during the time in which CVC acquired its pre-bid stake and which it then failed to disclose in its bidder’s statement in relation to the Bid.
Details of the Panel’s decision were announced on 30 July 2004 in Panel media release TP04/69, available on the Panel’s website at: Media Releases.
The sitting Panel was Brett Heading, Braddon Jolley and Carol Buys.
The reasons of the Panel are available on the Panel’s website at: Decisions.
CVC has applied for review of this decision, and proceedings are being conducted on its review application. See Panel media releases TP04/72 and TP04/74, also available on the Panel’s website at: Media Releases.
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501