The Panel, Robin Bishop, Ewen Crouch AM and Sophie Mitchell (sitting President), declined to conduct proceedings on an application by Coastal Capital International, Ltd. in relation to the affairs of the PaperlinX SPS Trust. The application primarily concerned allegations that the bid by PaperlinX Limited for the SPS Trust was coercive to holders of step-up preference securities and was prohibited by the SPS terms. The Panel considers that the circumstances complained of existed from the SPS Trust’s inception or were the ordinary outcome of a change of ownership proposal and there were no grounds for interfering with the bid.

The Panel, Mark Darras, Robert Johanson (sitting President) and Robert Sultan, declined to conduct proceedings on an application by Keybridge Capital Limited in relation to its affairs. The application primarily concerned disclosure deficiencies in the bidder’s statement lodged by Oceania Capital Partners Limited relating to (among other things) tax losses, Oceania Capital’s intentions for Keybridge and a selective buy-back proposal. The Panel considers that the disclosure issues did not require further disclosure by the bidder and some were matters the target could address if it wished.