The President's Club Limited 02 - Further Variation to Interim Orders

On 4 September 2015, the Panel made interim orders (see TP15/46) in response to an application for interim orders dated 4 September 2015 by the Australian Securities and Investments Commission. On 10 September the interim orders were varied (see TP15/47) and on 18 September were varied again (see TP15/48).

The Panel has further varied its interim orders (see Annexure A). The effect of the variation is to maintain the position as it has been under the earlier interim orders until the Panel completes the proceedings.

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 657E
Third Variation of Interim Orders

The President's Club Limited 02

The interim orders made on 4 September 2015, as varied on 10 September 2015 and 18 September 2015, are further varied by replacing in Interim Order 2:

1. the word “earlier” with “earliest” and
2. Interim Order 2(ii) with “(ii) the determination of the proceedings and (iii) 2 months from the date of these interim orders.”

so that the interim orders as varied read:

Corporations Act
Section 657E
Interim Orders

The President's Club Limited 02

The President's Club Limited made an application to the Panel dated 26 June 2012 in relation to its affairs. The Panel made a declaration and orders. On 4 September 2015, the Full Court of the Federal Court set aside the declaration and orders and remitted the application to be heard and determined according to law.

The Panel ORDERS:

1. CDLI, CDLH, Closeridge, PLC and each of their respective associates must not dispose of, transfer, charge or otherwise deal with any of the Acquisition Shares.
2. These interim orders have effect until the earlier of:
   1. further order of the Panel and
   2. the determination of the proceedings and
   3. 2 months from the date of these interim orders.
3. In these orders the following terms have the corresponding meaning:

   Acquisition Shares

   3,328 shares in TPC held:
   (a) as to 3,107 shares, by CDLI or an associate and
   (b) as to 221 shares, by PLC or an associate

   CDLH

   Coeur de Lion Holdings Pty Ltd

   CDLI

   Coeur de Lion Investments Pty Ltd

   Closeridge

   Closeridge Pty Ltd

   PLC

   Palmer Leisure Coolum Pty Ltd (formerly known as Queensland North Australia Pty Ltd)

   TPC

   The President’s Club Limited

Alan Shaw
Counsel
with authority of Peter Day
President of the sitting Panel
Dated 25 September 2015