The Panel announces that it has received an application from Pacific Energy Limited (PEA) dated 14 September 2004 alleging unacceptable circumstances in relation to the off-market takeover bid by Energy World International Limited (EWI) for all the ordinary shares in PEA.
PEA alleges that unacceptable circumstances arise from misleading statements in, or material omissions from, EWI’s bidder’s statement dated 6September 2004, particularly in relation to conflicts of interest which PEA alleges may exist as a result of EWI’s takeover bid being subject to a 50% minimum acceptance condition.
PEA has sought:
- a declaration of unacceptable circumstances under section 657A of the Corporations Act 2001 (Cth);
- interim orders restraining EWI from dispatching the bidder’s statement to PEA shareholders pending final determination of proceedings by the Panel; and
- final orders to rectify the alleged deficiencies in the bidder’s statement and to require that EWI’s takeover offer be made subject to a 90% minimum acceptance condition.
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 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501