Austock Group Limited - Panel Makes Interim Orders

TP12/044

The Panel has made interim orders in relation to an application by Mariner Corporation Limited concerning the affairs of Austock Group Limited.

The interim orders provide that Mariner and its officers not (except with the consent of the Panel), directly or indirectly, publish or despatch any material to Austock shareholders, publish any non-public material provided in the proceedings or participate in any canvassing of the matter in the media.

Mariner provided an undertaking to the Panel at the time of making its application that it would not use or disclose confidential information provided to it in the proceedings or directly or indirectly participate in canvassing in any media of any issue that is before (or likely to be before) the Panel.

The interim orders are made in response to an article published today in the Australian Financial Review which quotes Mr Darren Olney-Fraser commenting on the issues before the Panel.1

The interim orders have effect until the earliest of a further order of the Panel, determination of the proceedings and 2 months from the date of the interim orders.

A copy of the interim orders is attached.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au

1. Liew, Ruth and Lenaghan, Nick, 'Mariner gives up on Austock takeover', The Australian Financial Review, 25 July 2012

Attachment

Corporations Act
Section 657E
Interim orders

Austock Group Limited

Mariner Corporation Limited (Mariner) made an application to the Panel dated 12 July 2012 in relation to the affairs of Austock Group Limited (Austock).

The Panel Orders:

  1. Mariner and its officers not, directly or indirectly:
    1. publish or despatch any further material to Austock shareholders
    2. cause or authorise the publication of any material provided in the proceedings that is not public (other than by a breach of confidentiality) or any report in which such material forms part or
    3. cause, participate in or assist the canvassing in any media of any issue that is before (or is likely to be before) the Panel in the proceedings,
    except with the consent of the Panel.
  2. These interim orders have effect until the earliest of:
    1. further order of the Panel
    2. the determination of the proceedings and
    3. 2 months from the date of these interim orders.

Alan Shaw
Counsel
with authority of Peter Scott
President of the sitting Panel
Dated 25 July 2012

Related items