TP12/082
On 22 February 2011, the Panel made a declaration of unacceptable circumstances on an application dated 6 January 2011 by Mr Gerry Pauley and Mr Gordon Elkington in relation to the affairs of CMI Limited (see TP11/15).
On 25 February 2011, the Panel made final orders and stayed the orders pending Panel review of the decision (see TP11/16). The stay was lifted following completion of the Panel review proceedings (see TP11/21). Further stays were granted to allow the Federal Court judicial review application (see TP11/23 and TP 11/26).
The stay was lifted following completion of the Federal Court proceedings (see TP12/81).
The review Panel has received a request from Tinkerbell Enterprises Pty Ltd as trustee for the Leanne Catelan Trust for a further stay as it is considering whether to appeal the Federal Court decision.
The Panel has made orders granting the request (Annexure A). The main effect of the orders is that the process of selling the shares will be stayed.
Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au
Annexure A
Corporations Act
Section 657D
Further Variation of Orders
CMI Limited
On 25 February 2011 the Takeovers Panel made orders in CMI Limited (the orders)
On 25 February 2011 the Panel stayed the orders pending Panel review. The stay was lifted following completion of the Panel review proceedings
On 21 March 2011 the Panel stayed orders 2, 3, 4 and 7 of the orders pending consideration of judicial review and on 7 April 2011 continued that stay until the conclusion of an application for judicial review filed in the Federal Court of Australia on 5 April 2011
On 16 November 2012 the stay was lifted following completion of the judicial review proceedings
Tinkerbell Enterprises Pty Ltd as trustee for the Leanne Catelan Trust (Tinkerbell) is considering whether it will appeal the judicial review proceedings and seeks a further stay of the orders
The Panel Orders
Pursuant to section 657D(3) of the Corporations Act 2001 (Cth):
- Orders 2, 3, 4 and 7 in CMI Limited dated 25 February 2011 are stayed until the earliest of:
- if an appeal is filed on or before 7 December 2012, 2 business days following either the determination by the Full Court of the Federal Court of Australia or the appeal to the Full Court being otherwise resolved (whichever occurs first) or
- if no appeal is filed, 2 business days following either Tinkerbell informing the Panel that it will not appeal or the expiry of the appeal period (whichever occurs first) or
- further order of the Panel.
- Tinkerbell must inform the Panel within 24 hours of deciding not to appeal or (if it appeals) the appeal to the Full Court being otherwise resolved.
Alan Shaw
Counsel
with authority of Kathleen Farrell
President of the review Panel
Dated 23 November 2012
