The Panel, Geoff Brunsdon (sitting President), Mark Darras and James Dickson declined to conduct proceedings on an application by the major shareholder of Sherwin Iron Limited for a declaration of unacceptable circumstances in relation to its affairs. The application concerned a rights issue and share purchase plan. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable given the state of the company’s finances, even though the Panel had reservations about the rights issue.

The Panel, Peter Day, Rod Halstead (sitting President) and Ron Malek, declined to conduct proceedings on an application by Envestra in relation to its affairs. The application concerned announcements made on 30 May 2014 by Envestra and CK ENV that related to a conditional off-market takeover bid by CK ENV for Envestra and the entitlement of Envestra shareholders to receive a final dividend. The Panel considered that the application was premature.

The Panel, Richard Hunt (sitting President), John Sheahan QC and Jane Sheridan, made a declaration of unacceptable circumstances in relation to the affairs of Northern Iron Limited. The application concerned non-compliance with substantial holder notice and tracing notice provisions. The Panel considered that the non-disclosure resulted in shareholders, the directors and the market not knowing the identity of a person who was proposing to acquire, and had acquired, a substantial interest. The Panel ordered disclosure, a ‘creep’ freeze and costs.