Austock Group Limited - Panel Accepts Undertaking

TP12/052

The Panel has accepted an undertaking from Folkestone Limited (see annexure) in response to an application dated 12 July 2012 from Mariner Corporation Limited in relation to the affairs of Austock Group Limited (see TP12/42).

A copy of the undertaking is attached.

The President has appointed Peter Day, Byron Koster and Peter Scott (sitting President) as the sitting Panel in this matter.

Alan Shaw
Counsel, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3535
alan.shaw@takeovers.gov.au

Annexure

Australian Securities and
Investments Commission Act 2001 (Cth) Section 201A
Undertaking

Austock Group Limited

FOLKESTONE LIMITED undertakes to the Panel that it will:

  1. not enforce the break fee of $500,000 under the Share Sale Agreement announced to the Australian Securities Exchange on 9 July 2012 between it and Austock Group Limited, therefore the break fee under the Share Sale Agreement will be a maximum of $250,000 in all circumstances in which any break fee is payable and
  2. advise the Panel when it has satisfied its obligations under this undertaking.

Signed by Jonathan Sweeney
with the authority, and on behalf, of Folkestone Ltd
Dated 27 July 2012

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