IFS Construction Services Limited - Panel Publishes Reasons

The Panel today published the reasons for its decision on an application dated 27 July 2012 by 3 applicant shareholders1 in IFS Construction Services Limited in relation to the affairs of IFS.

Details of the Panel's decision can be found at TP12/58 and TP12/66.

The Panel's reasons for its decisions are on the Panel's website.

The sitting Panel was Martin Alciaturi, Robin Bishop and Norman O'Bryan AM SC (sitting President).

IFS Construction Services Limited

The Panel, Martin Alciaturi, Robin Bishop and Norman O'Bryan AM SC (sitting President), on an application by Mr Scott Vivian-Williams and others made a declaration of unacceptable circumstances in relation to the affairs of IFS. The application concerned the lengthy adjournment of a meeting convened pursuant to section 249D and rejection of proxies covering approximately 38.3% of IFS in the context of a proposed bid announced by a major shareholder. The Panel declared the circumstances unacceptable and ordered (among other things) that the meeting be reconvened on or before 31 August 2012 and the proxies not be treated as invalid merely because they came via Mr Scott Vivian-Williams.

Minemakers Limited 02R - Panel Publishes Reasons

The Panel today published the reasons for its decision on an application dated 14 August 2012 from UCL Resources Limited seeking a review of the initial Panel’s decision in Minemakers 02.

Details of the Panel's decision can be found at TP12/63.

The Panel's reasons for its decisions are on the Panel's website.

The sitting Panel was Diana Chang, Robert Johanson (sitting President) and Laurie Shervington. 

IFS Construction Services Limited - Variation to Orders

The Panel made a declaration and final orders on 17 August 2012 in response to an application dated 27 July 2012 by three shareholders1 in IFS Construction Services Limited in relation to the affairs of IFS (see TP12/58).

The Applicants and ASIC sought an order that their costs in relation to the proceedings be paid by IFS. The Panel indicated to the parties that it was still considering the question of costs and invited further submissions from the parties.

Minemakers Limited 02R

The Panel, Diana Chang, Robert Johanson (sitting President) and Laurie Shervington, declined to make a declaration of unacceptable circumstances on an application from UCL Resources Limited for a review of the initial Panel’s decision in Minemakers 02. The application concerned the disclosure in Minemakers’ target statement. The review Panel considered that there was no evidence of any material deficiencies in the expert’s report and technical expert’s report and there was sufficient disclosure in both reports for Minemakers’ shareholders to make their own assessment of value.

Alesco Corporation Limited 03

The Panel, Geoff Brunsdon, Sarah Dulhunty, and Vickki McFadden (sitting President), declined to conduct proceedings on an application by Alesco Corporation in relation to its affairs. The application concerned an announcement on 28 August 2012 by DuluxGroup that Alesco submitted was misleading because it inaccurately represented negotiations between the parties about a proposal which the Alesco board would recommend and was likely to undermine the prospect of obtaining regulatory support for an agreed solution that would maximise shareholder value. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

Altius Mining Limited - Panel Declines to Make Declaration

The Panel, upon further disclosure and changes to the rights issue being made, has declined to make a declaration of unacceptable circumstances in response to an application dated 14 August 2012 from Alexander King. The application concerned a 1-for-1 fully underwritten pro-rata non-renounceable rights issue to raise approximately $5.19 million, announced by Altius on 2 August 2012 (see TP12/56).

Alesco Corporation Limited 03 - Panel Receives Application

The Panel has received an application from Alesco Corporation Limited in relation to its affairs.  Alesco is currently the subject of takeover bid by DuluxGroup Limited.1

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.

Minemakers Limited 02R - Panel Declines to Make Declaration

The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 14 August 2012 from UCL Resources Limited seeking a review of the initial Panel's decision in Minemakers 02 (TP12/54). Minemakers is currently the subject of an off-market takeover bid from UCL, announced on 18 May 2012.

UCL submitted that (among other things) reports provided by BDO Corporate Finance (WA) Pty Ltd and Optiro Pty Ltd and included in Minemakers target statement:

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