The President's Club Limited 02 - Panel Makes Interim Orders

The President’s Club Limited (TPC) proceeding has been remitted to the Panel (see TP15/45) and its previous declaration of unacceptable circumstances and orders have been set aside.

On 4 September 2015, the Panel made interim orders¹ in response to an application for interim orders dated 4 September 2015 by the Australian Securities and Investments Commission.

The Panel has ordered (among other things) that Coeur de Lion Holdings Pty Ltd, Coeur de Lion Investments Pty Ltd, Closeridge Pty Ltd, Palmer Leisure Coolum Pty Ltd (formerly known as Queensland North Australia Pty Ltd) and each of their respective associates must not dispose of certain shares in TPC.

The interim orders have effect until the earlier of further order of the Panel and 7pm (Melbourne time) on Thursday, 10 September 2015. This is to allow time for submissions as to whether the orders should be continued or varied.

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 3597
allan.bulman@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.

Corporations Act
Section 657E
Interim Order

The President's Club Limited

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. 7pm (Melbourne time) on Thursday, 10 September 2015.
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 4 September 2015