Southern Cross Media Group Limited 02R & 03R

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Introduction

  1. The Panel, Bruce Cowley, Richard Hunt (sitting President) and John McGlue affirmed the initial Panel’s decision to make a declaration of unacceptable circumstances1 in relation to the acquisition of 6.83% of the shares of Southern Cross Media Group Limited (Southern Cross) in contravention of section 606.2 The Panel set aside the orders made by the initial Panel, which included vesting Southern Cross

Tempus Resources Limited 02R

Introduction

  1. The review Panel, Alex Cartel (sitting President), Teresa Dyson and Diana Nicholson declined to conduct proceedings on an application by Mr Matthew Bull to review the decision of the initial Panel to decline to conduct proceedings in Tempus Resources Limited.1 The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.
  2. In these reasons, the following definitions apply.
    AGM
    Tempus’s annual general meeting held on

Tempus Resources Limited

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Introduction

  1. The Panel, Alberto Colla, Sarah Rennie and Sharon Warburton (sitting President), declined to conduct proceedings on an application by Mr Matthew Bull in relation to the affairs of Tempus Resources Limited. The application concerned a rights issue announced by Tempus on 29 November 2023, being around the time that the applicant and others gave ss 203D1 and 249D notices to the company.

Standing Before the Panel – Changes to Pro-forma Application and Proposed Changes to Procedural Guidelines

Following discussions with the Corporations Committee of the Business Law Section of the Law Council of Australia, the Panel has amended its pro‑forma application to explicitly address the issue of standing of applicants before the Panel, by requiring an applicant to explain how its interests are affected by the relevant circumstances identified in the application under section 657C(2).

A copy of the updated version of the pro‑forma application is available on the Panel's website.

Southern Cross Media Group Limited 02R & 03R – Decision on Orders

The review Panel has set aside the initial Panel’s orders and made new orders (Annexure A). The review Panel previously affirmed the initial Panel’s decision to make a declaration of unacceptable circumstances (see TP23/46) in relation to the acquisition of 6.83% of Southern Cross Media Group Limited shares in contravention of s606 (the Relevant Shares).

Takeovers Panel Office Manager

After serving nearly 16 years in the role as Office Manager at the Panel, Karolina Ksiezak has decided to pursue a new opportunity at the Federal Department of Finance from February.

Karolina has made an outstanding contribution to the Panel in undertaking a variety of activities including dealing with the logistics of Panel days, liaison with the Department of Treasury in relation to finance, recruitment and procurement, and taking a leadership role in administration. 

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