TP10/024
On 24 May 2010 the Takeovers Panel received an application from Mighty River International Limited and Mr Yuzheng Xie seeking a review of the Panel's decision in Mesa Minerals Limited (see TP10/21).
The review Panel has stayed orders 1, 2 and 3 of the orders made by the sitting Panel in Mesa Minerals Limited (see TP10/20) to preserve the position pending its consideration of the review application. The effect of the stay is that no Mesa shares will be vested in ASIC pending determination of the review application.
No decision has been made whether to conduct proceedings. A copy of the stay order is attached.
The review Panel is Tom Bathurst QC (sitting President), Catherine Brenner and Andrew Lumsden. The Panel makes no comment on the merits of the review application.
Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne, VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au
Annexure
Corporations Act
Section 657E
Interim Orders
Mesa Minerals Limited
On 21 May 2010, the Panel made a declaration of unacceptable circumstances in relation to the affairs of Mesa Minerals Limited under section 657A and orders under section 657D of the Corporations Act 2001 (Cth) (Orders).
The Panel ORDERS:
- That orders 1, 2 and 3 of the Orders are stayed.
- These interim orders have effect until the earliest of:
- further order of the Panel
- the determination of the proceedings and
- 2 months from the date of these interim orders.
Alan Shaw
Counsel
with authority of Tom Bathurst QC
President of the Sitting Panel
Dated 28 May 2010
