The Takeovers Panel (Panel) has made interim orders this evening with respect to the application from Network Limited concerning Rivkin Financial Services Ltd (RFS) dated 31 December 2004 and which was the subject of Panel media release TP04/119. The Panel also advises that it has decided to commence proceedings in response to the application.
The Panel's interim orders have been made in relation to the proposed renounceable rights issue by RFS to be made under a prospectus dated 24 December 2004 (Rights Issue Prospectus). The Rights Issue Prospectus indicated that rights trading would start on 5 January 2005. RFS has since made further announcements as to the timing of rights trading. The interim orders postpone the commencement of rights trading until Friday, 14 January 2005.
The Panel has made the interim orders to ensure that trading in RFS rights does not occur in circumstances where, due to the application made to the Panel, there is uncertainty as to whether the Rights Issue will proceed or the circumstances in which it will proceed.
The Panel may make further interim orders in this matter.
The President of the Panel has appointed Simon McKeon (sitting President), Kathleen Farrell and Graham Bradley as the sitting Panel in these proceedings.
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501