Keybridge Capital Limited 07 - Panel Makes Interim Orders

TP20/032

The Panel has made interim orders1 in relation to the application dated 16 March 2020 by Bentley Capital Limited and Scarborough Equities Pty Limited in relation to the affairs of Keybridge Capital Limited (see TP20/16). The matter is currently suspended until the earlier of the determination of the Keybridge Capital Limited 08R, 09R and 10R proceedings and further determination of the Panel lifting the suspension.

In order to maintain the status quo, the Panel has in effect refreshed interim orders made by the Acting President on 13 March 2020 (see TP20/15). The orders state that Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust (ADIT) must not take any steps, or allow any steps to be taken, to process any acceptances or transfers received from Bentley or Scarborough in relation to ADIT’s bid for Keybridge.

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.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph:  +61 3 9655 3500
takeovers@takeovers.gov.au

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.

Annexure A

Corporations Act
Section 657E
Interim orders

Keybridge Capital Limited 07 

Bentley Capital Limited (Bentley) and Scarborough Equities Pty Limited (Scarborough) have made an application to the Panel in relation to the affairs of Keybridge Capital Limited (Keybridge).

The Panel ORDERS:

  1. Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust (ADIT) must not take any steps, or allow any steps to be taken, to process any acceptances or transfers received from Bentley or Scarborough in relation to ADIT’s bid for Keybridge.
  2. These interim orders have effect until the earliest of:
    1. further order of the Panel
    2. the determination of the proceedings and
    3. 2 months from the date of these interim orders.

Tania Mattei
Counsel
with authority of Sharon Warburton
President of the sitting Panel
Dated 13 May 2020

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