The Takeovers Panel has advised that it received an application on Friday 3 June 2005 from Centennial Coal Limited (Centennial), in relation to the affairs of Austral Coal Limited (Austral), which is currently the subject of a takeover offer by Centennial.
Centennial has alleged that unacceptable circumstances exist in relation to the failure by Glencore International AG (Glencore) to make timely disclosure regarding equity swap arrangements it entered into relation to more than 5% of Austral.
Centennial has sought a declaration of unacceptable circumstances and interim and final orders, including orders that the swaps be unwound and the shares held by the swap counterparties to hedge their exposure under the swaps be tendered into Centennial's bid.
The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the other parties to the application and it is, therefore, unaware of their views.
The sitting Panel for this matter will comprise Meredith Hellicar (sitting President), Guy Alexander (sitting Deputy President) and Hamish Douglass, being the sitting Panel for the Austral 01 matter recently concluded.
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501