The Panel announces that it today received an application from CMM Hotel & Retail Investments Pty Ltd (CMM) under section 657C of the Corporations Act.
The Applicants allege that unacceptable circumstances exist in relation to the affairs of Australian Leisure & Hospitality Group Limited (ALH). The alleged unacceptable circumstances concern the announcement made at approximately 2.00pm (Melbourne time) today by Bruandwo Pty Ltd (Bruandwo) in relation to conditional price increases in relation to Bruandwo’s bid for ALH and the circumstances in which Bruandwo will extend its bid beyond 7.00pm today (when it would otherwise lapse).
In particular, CMM alleges that unacceptable circumstances exist in relation to Bruandwo making the extension of its takeover bid and an increase in its offer consideration conditional on Bruandwo achieving a relevant interest in ALH of in excess of 20% by 6pm (Melbourne time) today.
The Applicants seek orders extending the 6pm deadline until 6pm (Melbourne time) on 20 October 2004.
The Panel has not yet sought the views of Bruandwo Pty Limited or other persons potentially involved in the application and has therefore formed no views on the application.
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 3501