TP05/028
The Takeovers Panel (Panel) today advised that it has accepted an apology from Victoria University of Technology (VUT) over a media release which VUT published on Friday 11 March 2005 concerning proceedings in the Takeovers Panel in relation to IP3 Systems Limited (IP3) which were not complete and for which the Panel had not provided its decision.
The Panel also advised that it accepted VUT's explanation for what it said was a mistake and an unintentional breach of its undertakings. On that basis, the Panel does not consider it appropriate to take the matter any further.
The Panel noted that part of VUT's explanation was based on an email which IP3 had sent to its shareholders advising them of the withdrawal of a rights issue. VUT said that it had taken IP3's email to be an indication that the Panel proceedings had been finalized.
The Panel is concerned and disappointed that VUT, and to a somewhat lesser extent IP3, would breach, albeit because of poor advice rather than intention, a binding undertaking to a statutory body such as the Takeovers Panel, in its pursuit of an apparently tactical commercial advantage.
The Panel is also disappointed that VUT had not put in place proper processes to ensure that it did not breach the undertakings to which it had formally agreed.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
