TP05/022
The Panel (Panel) advises that it has received an application dated 15 February 2005 from Victoria University of Technology (VUT) in relation to a rights issue (Rights Issue) being undertaken by iP3 Systems Limited (iP3), a company in which VUT is a 46.6% shareholder.
VUT's application alleges that the Rights Issue, and the standard of disclosure given to investors by iP3 in connection with the Rights Issue, constitute unacceptable circumstances. VUT seeks, among other things, orders to restrain iP3 from proceeding with the Rights Issue.
The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the others parties to the application and it is, therefore, unaware of their views.
The President of the Panel is appointing a sitting Panel to consider the application.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
