TP04/090
In the Panel’s announcement on 1 October 2004 regarding its decision in relation to the affairs of Village Roadshow Limited (available on the Panel’s website under Media Releases), the Panel stated that it would seek advice from Village Roadshow Corporation Limited (VRC) and Canberra Theatres Limited (CTL) to ascertain whether or not CTL should be considered to be an associate of VRC.
The Panel has considered submissions on the issue from both CTL and VRC, as well as submissions from Boswell Filmgesellschaft mbH (Boswell), the shareholder who brought the application.
Following its consideration of those submissions, the Panel determined that there was insufficient evidence before it to decide, or infer, that CTL should be treated as an associate of VRC for the purpose of the undertaking given by Village Roadshow Limited (VRL) to the Panel dated 1 October 2004.
Accordingly, the Panel expects that VRL will take account of votes cast by or on behalf of CTL in relation to the Buy-back Resolution in the same manner as any other votes cast by VRL shareholders who are not associated with VRC.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au
