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.

Minemakers Limited 02 - Panel Receives Application

The Panel has received an application from UCL Resources Limited in relation to the affairs of Minemakers Limited. Minemakers is currently the subject of an off-market takeover bid from UCL, announced on 18 May 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.

Details

Minemakers lodged its target's statement with ASIC on 23 July 2012.

Alesco Corporation Limited 02 - Panel Receives Application

The Panel has received an application from DuluxGroup Limited1 in relation to the affairs of Alesco Corporation Limited. 

Details of the application, as submitted by the applicant, are below.

A sitting Panel has been appointed to consider Alesco 01 and 02 – Geoff Brunsdon, Stephen Creese (President) and Sarah Dulhunty.  The Panel has decided to hear both matters together and conduct proceedings.

The Panel makes no comment on the merits of the application.

Hastings Diversified Utilities Fund 02 - Panel Declines to Conduct Proceedings and Publishes Reasons

The Panel has declined to conduct proceedings on an application dated 19 July 2012 from Australian Foundation Investment Company Limited (AFI), a unit holder in Hastings Diversified Utilities Fund (HDF), in relation to the affairs of HDF.

The application concerned the provision of a proper and full independent evaluation of the internalisation of management of HDF in the context of a takeover bid for HDF by Pipeline Partners Australia Pty Ltd (PPA). HDF is also currently the subject of a competing bid by APT Pipelines Limited.

Hastings Diversified Utilities Fund 02

The Panel, John Fast (sitting President), Rod Halstead and Mike Roche declined to conduct proceedings on an application by Australian Foundation Investment Company Ltd in relation to the affairs of Hastings Diversified Utilities Fund (HDF). The application concerned whether an evaluation of the internalisation of management of HDF was required for unit holders to be properly informed about whether to accept an offer by Pipeline Partners Australia Pty Ltd (PPA). HDF is the subject of two competing bids. The Panel considered that, as the target’s statement and independent expert’s report for the PPA bid had not yet been released, there was insufficient material on which to determine that the information for unit holders will be deficient. Accordingly the Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

Austock Group Limited - Panel Accepts Undertaking

The Panel has accepted an undertaking from Folkestone Limited (see annexure) in response to an application dated 12 July 2012 from Mariner Corporation Limited in relation to the affairs of Austock Group Limited (see TP12/42).

A copy of the undertaking is attached.

The President has appointed Peter Day, Byron Koster and Peter Scott (sitting President) as the sitting Panel in this matter.

IFS Construction Services Limited - Panel Receives Application

The Panel has received an application in relation to the affairs of IFS Construction Services Limited.  The applicants are three shareholders who together hold approximately 7% of the issued share capital of IFS.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.

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