TP11/010
The President of the Panel made interim orders in this matter on 13 January 2011 (see TP11/06).
The Panel has considered a request to vary the Panel's orders dated 13 January 2011 to allow disposals of their shares in Brockman.
After considering submissions from the parties, the Panel has varied the interim orders to allow disposal of shares in Brockman where that disposal is by way of sale on the Australian Securities Exchange in the ordinary course of trading (other than a crossing or special crossing) and the following conditions are satisfied:
- the seller has not provided any assistance, financial or otherwise, to the purchaser and
- the seller notifies the Panel by 9.30am (Melbourne time) on the first business day after any trade of the number of shares disposed of on the previous business day.
The variation to the interim orders is Annexure A.
The Panel has also accepted an undertaking from Brockman dated 20 January 2011 (see Annexure B) that it will extend the period in which it will not issue or agree to issue securities under ASX Listing Rule 7.9 (which currently ends on 9 February 2011):
- to 2 March 2011 or
- by the number of days in the period from 13 January 2011 (when interim orders were made) to the date of the determination of the proceedings (including those two days),
whichever ends first.
The sitting Panel is Alastair Lucas (sitting president), Nora Scheinkestel and Robert Sultan.
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
Variation of Interim Orders
Brockman Resources Limited
Pursuant To
Section 657E of the Corporations Act 2001 (Cth)
The Panel Orders That
The interim orders made on 13 January 2011 are varied by adding the underlined words (below) at the end of paragraph 1(b):
"1. The shareholders in Brockman set out in Schedule A not:
(b) dispose of, transfer or grant a security interest over any shares or interests in shares in Brockman, except for a disposal by way of sale on the Australian Securities Exchange in the ordinary course of trading (other than a crossing or special crossing) where the following conditions are satisfied:
(i) the seller has not provided any assistance, financial or otherwise, to the purchaser and
(ii) the seller notifies the Panel by 9.30am (Melbourne time) on the first business day after any trade of the number of shares disposed of on the previous business day."
Allan Bulman
director
with authority of Alastair Lucas
President of the sitting Panel
Dated 20 January 2011
Annexure B
Australian Securities and
Investments Commission Act (Cth) Section 201A
Undertaking
Brockman Resources Limited
Pursuant to section 201A of the Australian Securities and Investments Commission Act 2001 (Cth), Brockman Resources Limited undertakes to the Takeovers Panel that it will extend the period in which it will not issue or agree to issue securities under ASX Listing Rule 7.9 (which currently ends on 9 February 2011):
- to 2 March 2011; or
- by the number of days in the period from 13 January 2011 (when interim orders were made) to the date of the determination of the proceedings (including those two days),
whichever ends first.
Signed by Tara Robson as Company Secretary of Brockman Resources Limited
with the authority, and on behalf, of
Brockman Resources Limited
Dated 20 January 2011
