The Panel has made interim orders on the applications dated 30 January 2008 and 31 January 2008 (applications) from Golden West Resources Limited (GWR) and Falak Holding LLC respectively in relation to the affairs of GWR (see TP08/03 and TP08/04).
The Panel has decided to commence proceedings in relation to both applications and has directed that the two matters are related and are to be considered in the same proceeding.
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3535
In the matters of Golden West Resources Limited 03 and 04
- Golden West Resources Limited (GWR) and Falak Holding LLC (Falak) made applications to the Takeovers Panel dated 30 January 2008 and 31 January 2008 respectively in relation to the affairs of GWR.
- On 31 January 2008, the Panel directed that the two matters are related and are to be considered in the same proceeding.
- Fairstar Resources Limited (FAS) has made an off-market takeover bid for all of the shares of GWR (Offer).
- GWR has called a general meeting under section 249D of the Corporations Act 2001 (Cth) scheduled to be held on 5 February 2008 (Meeting).
Under section 657E of the Corporations Act 2001 (Cth), the Panel ORDERS:
- As soon as practicable after the date of this order, GWR postpone the Meeting to 19 February 2008.
- FAS not dispose of, transfer or charge any of the GWR shares formerly held by ANZ Nominess Limited for Falak as ultimate beneficial owner which were transferred to FAS as a result of an acceptance of the Offer on or about 7 January 2008 (Falak shares).
- FAS not take any further steps to issue, or to complete the issue of, any FAS shares as consideration for acceptance into the Offer of the Falak shares.
- Falak not dispose of, transfer or grant any further charge any of the FAS shares that may have been issued as consideration for acceptance into the Offer of the Falak shares.
These orders are to have effect until the earlier of:
- the determination of the proceeding.
- 2 months after the date of this order.
with authority of Andrew Lumsden
President of the Sitting Panel
Dated 1 February 2008