The Takeovers Panel (Panel) has today made further interim orders in relation to the application from Network Ltd concerning Rivkin Financial Services Ltd (RFS) dated 31 December 2004. The application was the subject of Panel media release TP04/119 and the Panel's previous interim orders were the subject of media release TP05/02. The Panel proceedings in relation to the application are continuing.
The Panel's further interim orders have been made in relation to the proposed renounceable rights issue by RFS (Rights Issue) to be made under a prospectus dated 24 December 2004. The Panel's previous interim orders postponed the commencement of rights trading until Friday, 14 January 2005.
The Panel is concerned to ensure that trading in RFS rights does not occur in circumstances where, due to the Panel's ongoing proceedings, there continues to be uncertainty as to whether the Rights Issue will proceed or the circumstances in which it will proceed.
In light of the above, the Panel has now made further interim orders requiring the record date for the Rights Issue to be no earlier than 7 business days after the date on which the Panel's proceedings are determined. The effect of the Panel's further interim orders is that rights trading will not commence before the Panel's proceedings are determined.
The Panel will announce details of its decision once these proceedings are determined.
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501