The President of the Panel has made interim orders1 in response to an application for interim orders dated 24 March 2015 by the Australian Securities and Investments Commission in relation to the affairs of Richfield International Limited.
The application concerns the shareholdings of Sinotrans Investment Co Ltd and Grand Orient Capital Co Ltd in Richfield (see TP15/13).
The President has ordered in effect that Sinotrans and Grand Orient not dispose of their shares in Richfield.
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
Richfield International Limited
The Australian Securities and Investments Commission made an application to the Panel dated 24 March 2015 in relation to the affairs of Richfield International Limited (Richfield).
The President ORDERS:
- Sinotrans Investment Co Limited (Sinotrans) must not dispose of, transfer or grant any security interest over any shares it holds in Richfield, or agree to any such disposal, transfer or grant.
- Grand Orient Capital Co Limited (Grand Orient) must not dispose of, transfer or grant any security interest over any shares it holds in Richfield, or agree to any such disposal, transfer or grant.
- If, notwithstanding orders 1 or 2, a transfer of any shares held in Richfield by Sinotrans or Grand Orient is lodged, Richfield must not register, or allow to be registered, the transfer.
- 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 Vickki McFadden
Dated 24 March 2015
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.