The Panel made a declaration and final orders on 17 August 2012 in response to an application dated 27 July 2012 by three shareholders1 in IFS Construction Services Limited in relation to the affairs of IFS (see TP12/58).
The Applicants and ASIC sought an order that their costs in relation to the proceedings be paid by IFS. The Panel indicated to the parties that it was still considering the question of costs and invited further submissions from the parties.
The Panel is satisfied that IFS did not present a case of reasonable merit and that none of the expenses of the Applicants or ASIC ought to have been necessary. Accordingly, the Panel has varied the final orders to add a costs order for the Applicants and ASIC.
The variation to the orders is Annexure A.
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
Variation of Orders
IFS Construction Services Limited
Pursuant to section 657D(3) of the Corporations Act 2001 (Cth)
The Panel Orders
The final orders made on 17 August 2012 are varied by adding the following heading and paragraph:
- Within 10 business days of the date of this order for costs, IFS must pay:
- to the Applicants, $37,400 and
- to ASIC, $7,000
representing costs actually, necessarily, properly and reasonably incurred in the course of the proceedings.
with authority of Norman O’Bryan AM SC
President of the sitting Panel
Dated 5 September 2012
1 Caramulo Pty Ltd <S V Williams Family A/C>, Scott Vivian-Williams & Jonica Lyn Vivian-Williams <Vivian-Williams S/F A/C> and Scott Vivian-Williams & Jonica Lyn Vivian-Williams, who together hold approximately 7% of the issued share capital of IFS