Bullabulling Gold Limited

The Panel, Garry Besson (sitting President), Michelle Jablko and Heather Zampatti, declined to make a declaration of unacceptable circumstances in relation to the affairs of Bullabulling Gold Limited after accepting undertakings. The application primarily concerned disclosure by Bullabulling in a letter to its shareholders in response to an off-market bid by Norton Gold Fields Limited about the intentions of certain shareholders not to accept the bid. The Panel accepted undertakings from Bullabulling to give shareholders supplementary disclosure about the intention statements.

Appointments to the Australian and New Zealand Panels

The Panel notes the joint media release from the Minister for Finance (and Acting Assistant Treasurer) and the New Zealand Minister for Commerce announcing the appointment of Mr David Jones, MNZM (Chairperson of the New Zealand Panel) to the Panel until 30 September 2015 and the appointment of Mr Richard Hunt (a member of the Panel) to the New Zealand Panel until 7 March 2015.

Ambassador Oil and Gas Limited 02 - Panel Receives Application/Acting President Makes Interim Order

The Panel has received an application from Drillsearch Energy Limited in relation to the affairs of Ambassador Oil and Gas Limited. Ambassador Oil is subject to competing bids by Drillsearch and Magnum Hunter Resources Corporation.1

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

Gondwana Resources Limited

The Panel, Sarah Dulhunty (sitting President), Andrew Low and Sophie Mitchell, made a declaration of unacceptable circumstances and accepted undertakings in lieu of orders in relation to the affairs of Gondwana Resources Limited. The application concerned a 1 for 1 non-renounceable entitlement issue and its potential effect on control. The Panel considered, among other things, that all reasonable steps to minimise the potential control effect of the entitlement issue were not taken.
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