Mission NewEnergy Limited 01R

The Panel, Hamish Douglass (sitting President), Rod Halstead and Nora Scheinkestel, declined to conduct proceedings on an application by McDermott Industries Limited for a review of the initial Panel's decision in Mission NewEnergy Limited [2012] ATP 19. The review Panel considered that the exclusivity provision was no longer linked to a control transaction, and in any event was not unacceptable given the commercial reality that Mission faced. Accordingly, the review Panel considered there was no reasonable prospect of it coming to a different conclusion to the initial Panel.

Revised Panel Fees

The fees payable for Panel applications are indexed each year from 1 July based on any increase in the Consumer Price Index, pursuant to the Corporations (Fees) Act 2001 (Cth) and Corporations (Fees) Regulations 2001 (Cth).

With immediate effect, as a result of indexation, a fee of $2,171 is payable on an application to the Panel.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au

Mission NewEnergy Limited - Panel Accepts Undertaking, Declines to Conduct Proceedings and Publishes Reasons

The Panel has accepted an undertaking from Mission NewEnergy Limited (see annexure) and declined to conduct proceedings on an application dated 19 September 2012 from McDermott Industries Limited in relation to the affairs of Mission. 

The application primarily concerned an exclusivity provision in a financing term sheet entered into by Mission with SLW International, LLC. McDermott submitted (among other things) that the provision amounted to a lock-up device that was anti-competitive and coercive.

Mission NewEnergy Limited 01R - Panel Receives Review Application

The Panel has received an application from McDermott Industries Limited seeking a review of the Panel's decision in Mission NewEnergy Limited (TP12/73). The President has consented to the making of the review application.

A review 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.

Mission NewEnergy Limited

The Panel, Garry Besson (sitting President), Tony Osmond and Alison Watkins, declined to conduct proceedings on an application by McDermott Industries Limited in relation to the affairs of Mission NewEnergy Limited. The application primarily concerned an exclusivity provision in a financing term sheet entered into by Mission NewEnergy Limited with SLW International, LLC. McDermott Industries Limited submitted (among other things) that the provision amounted to a lock-up device. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable given Mission NewEnergy Limited's compelling need for funds and the undertakings provided by Mission NewEnergy Limited.

Mission NewEnergy Limited - Panel Accepts Undertaking

The Panel has accepted an undertaking in lieu of considering interim orders from Mission NewEnergy Limited in respect of the application dated 19 September 2012 from McDermott Industries Limited (see TP12/70).

A copy of the undertaking is attached. In essence, Mission undertakes not to finalise the documents in connection with the proposed facility and dispatch to Mission shareholders any notice of meeting relating to the proposed convertible note restructure before completion of the Panel proceedings.

The President's Club Limited - Application for Judicial Review

The Panel has been served with a Federal Court application dated 21 September 2012 for judicial review of (among other things) the making of the declaration and orders in The President's Club Limited [2012] ATP 10. The application for judicial review, made under the Administrative Decisions (Judicial Review) Act 1977 (Cth), is by Queensland North Australia Pty Ltd (QNA), Closeridge Pty Ltd and Clive Fredrick Palmer.

Mission NewEnergy Limited - Panel Receives Application

The Panel has received an application in relation to the affairs of Mission NewEnergy Limited from McDermott Industries Limited (a substantial shareholder in Mission).

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.

Altius Mining Limited

The Panel, Guy Alexander (sitting President), Elizabeth Bryan and Andrew Sisson, declined to make a declaration of unacceptable circumstances in relation to the affairs of Altius Mining Limited. The application concerned a 1-for-1 pro-rata non-renounceable rights issue which was fully underwritten by Foxfire Capital Pty Ltd, an entity controlled by Mr John Zee (a director of Altius). Further disclosure to shareholders by Altius and amendments to the structure of the rights issue satisfied the Panel’s concerns.
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