The President's Club Limited

The Panel, Ewen Crouch (sitting President), Ron Malek and Julie McPherson, made a declaration of unacceptable circumstances in relation to the affairs of The President's Club Limited. The application concerned two acquisitions of shares (and associated villa interests) in a time share scheme. The first acquisition contravened section 606. The second acquisition purported to rely on item 9 of section 611. The Panel declared the circumstances unacceptable and ordered a voting, acquisition and disposal freeze on all the acquired shares. The Panel also ordered that the freeze would be lifted if an unconditional bid was made that obtained more than half the outstanding shares.

Alesco Corporation Limited 01 & 02 - Panel Publishes Reasons

The Panel today published the reasons for its decision on an application dated 24 July 2012 from Alesco Corporation Limited (see TP12/45) and an application dated 1 August 2012 from DuluxGroup (Nominees) Pty Ltd and DuluxGroup Limited (see TP12/50).

Details of the Panel's decision can be found at TP12/57.

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

Alesco Corporation Limited 01 & 02

The Panel, Geoff Brunsdon, Stephen Creese (sitting President) and Sarah Dulhunty, declined to make a declaration of unacceptable circumstances on applications by Alesco Corporation and DuluxGroup respectively, in relation to the affairs of Alesco. The application by Alesco (01) concerned whether an announcement by DuluxGroup of its Revised Offer was misleading because it overstated the dividends that Alesco could pay, the value of franking credits and added the franking credits to the total value of consideration. The application by DuluxGroup (02) concerned whether a letter and media statements from Alesco referring to DuluxGroup’s cash component of the consideration were misleading. The Panel decided not to make a declaration after accepting further disclosure by way of supplementary bidder's statement and supplementary target's statement respectively.

Alesco Corporation Limited 01 & 02 - Panel Declines to Make Declaration

The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 24 July 2012 from Alesco Corporation Limited (see TP12/45) and an application dated 1 August 2012 from DuluxGroup (Nominees) Pty Ltd and DuluxGroup Limited (see TP12/50).

Alesco is currently the subject of an off-market bid by DuluxGroup.

The application by Alesco concerned whether an announcement on 23 July 2012 by Dulux was misleading and deceptive because:

Altius Mining Limited - Panel Receives Application

The Panel has received an application in relation to the affairs of Altius Mining Limited from Alexander King (a shareholder of Altius). The application concerns 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.

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 Receives Review Application

The Panel has received an application from UCL Resources Limited seeking a review of the Panel's decision in Minemakers Limited 02 (TP12/54). 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.

Minemakers Limited 02

The Panel, Richard Hunt, Jane Sheridan and Heather Zampatti (sitting President), declined to conduct proceedings on an application by UCL Resources Limited in relation to the affairs of Minemakers Limited. The application concerned the disclosure in Minemakers’ target's statement. The Panel considered that the issues raised were for the expert to decide, or were matters that could be addressed in a supplementary bidder's statement, to the extent they were issues, and there was no reasonable prospect that it would declare the circumstances unacceptable.
Subscribe to