Viento Group Limited - Panel Makes Interim Orders

The Panel has made interim orders¹ in response to an application dated 14 December 2010 by Viento Group Limited in relation to its affairs.

The interim orders provide that Mr Allen Caratti, Mr Michael Carter, Timebuild Pty Ltd, Delta Ace Pty Ltd, Mammoth Nominees Pty Ltd, Gucce Holdings Pty Ltd, Indian Ocean Capital (WA) Pty Ltd, Ms Tina Bazzo and Ms Samantha Ferguson-Smith must not:

1. acquire any further shares or increase their voting power in Viento
2. dispose of, transfer or grant a security interest over any shares in Viento or
3. exercise any voting rights attaching to shares in Viento.

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.

Each of the people the subject of the interim order offered undertakings to the Panel in lieu of the interim orders. However, given differences between the various proposed undertakings and to the draft interim order, the Panel decided not to accept the undertakings. The Panel nevertheless thanks the parties for their willingness to offer undertakings.

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

Annexure

Corporations Act
Section 657E
Interim Orders

Viento Group Limited

Viento Group Limited made an application to the Panel dated 14 December 2010 in relation to its affairs.

The Panel ORDERS:

1. Mr Allen Caratti, Mr Michael Carter, Timebuild Pty Ltd, Delta Ace Pty Ltd, Mammoth Nominees Pty Ltd, Gucce Holdings Pty Ltd, Indian Ocean Capital (WA) Pty Ltd, Ms Tina Bazzo and Ms Samantha Ferguson-Smith not:
   1. acquire any further shares or increase their voting power in Viento
   2. dispose of, transfer or grant a security interest over any shares in Viento or
   3. exercise any voting rights attaching to shares in Viento.
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.

Alan Shaw
Counsel
with authority of John Fast
Deputy President of the sitting Panel
Dated 21 December 2010

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.