The Panel has declined to conduct proceedings on an application dated 4 April 2019 from Southland Stokers Pty Ltd in relation to the affairs of Print Mail Logistics Limited.
Southland Stokers submitted that the managing director of Print Mail, Mr Nigel Elias, was associated with other persons – giving him a relevant interest in 36.66% of the shares of Print Mail in contravention of s606 and (by Mr Elias and the alleged associates) the substantial holder notice provisions (see TP19/24). The Panel considered that there was an insufficient body of material to justify the Panel making further enquiries in relation to the alleged associations.
The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.
The sitting Panel was Richard Hunt (sitting President), Ian Jackman SC and John McGlue.
The Panel will publish its reasons for the decision in due course on its website.
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3500