The Panel has made interim orders1 in response to an application for interim orders dated 18 April 2013 by Firestone Energy Limited in relation to its affairs.
The interim orders prevent either the bidder or target further communicating with shareholders until the Panel has resolved the application, unless the Panel consents or it is required as part of continuous disclosure obligations. The orders also prevent The Waterberg Coal Company Limited from seeking to change the board of Firestone.
The application includes claims of information deficiency (see TP13/10).
The interim orders have effect until the earliest of further order of the Panel, determination of the proceedings or 2 months from the date of the interim orders.
A copy of the interim orders is attached.
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
1 BACKGROUND: An interim order is designed to maintain the status quo until the Panel can consider the application in detail. It may be made by the President or a sitting Panel. Often a sitting Panel has not been appointed at the stage of considering the making of an interim order. An interim order does not indicate that the Panel has decided to conduct proceedings or necessarily indicate the merits of an application for a declaration of unacceptable circumstances.
FIRESTONE ENERGY LIMITED
Firestone Energy Limited (Firestone) made an application to the Panel dated 18 April 2013 in relation to its affairs.
The Panel ORDERS:
- Neither Firestone nor The Waterberg Coal Company Limited (formerly Range River Gold Limited) (WCC) may publish or dispatch any further material to Firestone shareholders in respect of the off-market takeover bid by WCC for all the shares in Firestone unless:
- the Panel consents or
- it comprises only information required by ASX listing rule 3.1 to be disclosed.
- WCC and its subsidiaries must not make or initiate any changes to the composition of the board of Firestone.
- 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.
with authority of Peter Scott
President of the sitting Panel
Dated 29 April 2013