TP05/008
The Takeovers Panel (Panel) received an application dated 13 January 2005 from Lenvat Pty Limited (Lenvat), a major shareholder of Lachlan Farming Limited (LFL), in relation to the 1 for 1.19 rights issue recently conducted by LFL, the terms of which were set out in a prospectus dated 17 September 2004.
Lenvat alleges that unacceptable circumstances exist in relation to proposed allocation of shortfall shares pursuant to LFL's rights issue.
LFL and the underwriter to the rights issue have each given the Panel an undertaking to postpone the allotment and issue of shares pursuant to the rights issue (except for those shares the allocation of which is not disputed in Lenvat's application) until the Panel has had an opportunity to consider the issues raised in Lenvat's application.
The Panel has not decided whether to conduct proceedings in relation to Lenvat's application, nor has it sought the views of any of the parties. Therefore the Panel has formed no views on the merits of the application.
The President of the Panel has appointed Simon Mordant, Karen Wood and Robyn Pak-Poy as the sitting Panel to consider the application.
Marian Micalizzi
Acting Director,
Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
