The review Panel has declined to conduct proceedings on an application dated 17 April 2024 from Keybridge Capital Limited seeking a review of the initial Panel’s decision to decline to conduct proceedings in Vintage Energy Limited (see TP24/16).
The Takeovers Panel notes the announcement by the Assistant Treasurer and Minister for Financial Services of the reappointment of 10 members and the appointment of 7 new members to the Panel for terms of 3 years, effective 30 April 2024.
The following members have been appointed: Mr Kierin Deeming, Ms Katrina Efthim, Mr Jonathan (Jon) Gidney, Ms Reeny Paraskeva, Mr Richard Phillips, Mr Christopher Stavrianou and Ms Georgina Varley. The President and the Panel executive warmly welcome the new members.
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The Panel has declined to conduct proceedings on an application dated 30 March 2024 from Keybridge Capital Limited in relation to the affairs of Vintage Energy Limited.
The application concerned a placement and non‑renounceable entitlement issue announced by Vintage on 25 March 2024, being around the time that the applicant gave ss 203D and 249D notices to the company, as announced on 27 March 2024 (see TP24/13).
The Panel has declined to conduct proceedings on an application dated 15 March 2024 from Manipur Nominees Pty. Ltd., Shriar Consolidated Pty Ltd, Stanningfield Proprietary Limited and Gandur Superannuation No. 3 Pty Ltd in relation to the affairs of Pact Group Holdings Ltd (ASX: PGH) (Pact Group) (see TP24/11).
The Panel has accepted undertakings from Bennamon Industries Pty Ltd (Bennamon), a wholly‑owned subsidiary of Kin Group Pty Ltd (see Annexure) in relation to an application dated 15 March 2024 from Manipur Nominees Pty. Ltd., Shriar Consolidated Pty Ltd, Stanningfield Proprietary Limited and Gandur Superannuation No. 3 Pty Ltd in relation to the affairs of Pact Group Holdings Ltd (ASX: PGH) (Pact Group) (see TP24/11).
The Panel has received an application from Keybridge Capital Limited in relation to the affairs of Vintage Energy Limited (ASX: VEN).
Details of the application, as submitted by the applicant, are below.
A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.
The applicant is a substantial shareholder in Vintage.
The Acting President of the Panel has made an interim order1 in response to an application for interim orders dated 15 March 2024 by Manipur Nominees Pty. Ltd., Shriar Consolidated Pty Ltd, Stanningfield Proprietary Limited and Gandur Superannuation No. 3 Pty Ltd in relation to the affairs of Pact Group Holdings Limited (ASX:PGH) (see TP 24/11).
The Panel has received an application from Manipur Nominees Pty. Ltd., Shriar Consolidated Pty Ltd, Stanningfield Proprietary Limited and Gandur Superannuation No. 3 Pty Ltd in relation to the affairs of Pact Group Holdings Limited (ASX:PGH). Pact Group is currently the subject of a takeover offer by Bennamon Industries Pty Ltd, a wholly owned subsidiary of Kin Group Pty Ltd.
Details of the application, as submitted by the applicants, are below.