TP09/028
The Takeovers Panel has declined to conduct proceedings on an application dated 14 April 2009 from Regis Resources Limited in relation to its affairs.
The application concerned whether a group of Regis shareholders became associates in relation to the affairs of Regis earlier than as described in the Form 603 (notice of initial substantial holder) lodged on behalf of those shareholders on 6 March 2009.1
The shareholders are seeking the replacement of all three Regis directors with three nominees of their own and requisitioned a general meeting of Regis shareholders for this purpose. The meeting is to be held on 4 May 2009.
The Panel was not satisfied that there was sufficient material to warrant it undertaking an investigation to establish an earlier association. Even if an earlier association arose, the Panel considered that it would not have made a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.
The Panel's reasons for its decision can be found on the Panel's website.
The sitting Panel for the proceedings was Diana Chang, Norman O'Bryan SC (sitting President) and Mike Roche.
Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne, VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au
1 A corrected Form 603 was lodged on behalf of the shareholders on 12 March 2009
