The Panel today published the reasons for its decision on an application dated 23 October 2012 from WA Fire and Emergency Services Superannuation Board in relation to a bid by IMC Resources Holdings Pte Ltd for all the units in LinQ Resources.

Details of the Panel's decision can be found at TP12/79.

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

The sitting Panel was Guy Alexander (sitting President), Catherine Brenner and Peter Hay.

The Panel is pleased to note the announcement by the Attorney-General for Australia, The Hon Nicola Roxon MP, of the appointment of Ms Kathleen Farrell (President of the Panel) as a judge of the Federal Court.

The Panel congratulates Kathy on her appointment and thanks her for leading the Panel over the past two years and her outstanding contribution as a Panel member since 2001.

The Panel has received an application from WA Fire and Emergency Services Superannuation Board in relation to the affairs of LinQ Resources Fund (LRF). LRF is currently the subject of an off-market takeover bid from IMC Resources Holdings Pte Ltd.

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.

The Panel has declined to conduct proceedings on a review application dated 2 October 2012 from McDermott Industries Limited in relation to the affairs of Mission NewEnergy Limited (see TP12/73).

The initial Panel declined to conduct proceedings on McDermott's original application. The review Panel considered that there was no reasonable prospect of it coming to a different conclusion to the initial Panel. Accordingly, the review Panel declined to conduct proceedings.

The fees payable for Panel applications are indexed each year from 1 July based on any increase in the Consumer Price Index, pursuant to the Corporations (Fees) Act 2001 (Cth) and Corporations (Fees) Regulations 2001 (Cth).

With immediate effect, as a result of indexation, a fee of $2,171 is payable on an application to the Panel.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
allan.bulman@takeovers.gov.au

The Panel has accepted an undertaking from Mission NewEnergy Limited (see annexure) and declined to conduct proceedings on an application dated 19 September 2012 from McDermott Industries Limited in relation to the affairs of Mission. 

The application primarily concerned an exclusivity provision in a financing term sheet entered into by Mission with SLW International, LLC. McDermott submitted (among other things) that the provision amounted to a lock-up device that was anti-competitive and coercive.

The Panel has received an application from McDermott Industries Limited seeking a review of the Panel's decision in Mission NewEnergy Limited (TP12/73). 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.

The Panel has accepted an undertaking in lieu of considering interim orders from Mission NewEnergy Limited in respect of the application dated 19 September 2012 from McDermott Industries Limited (see TP12/70).

A copy of the undertaking is attached. In essence, Mission undertakes not to finalise the documents in connection with the proposed facility and dispatch to Mission shareholders any notice of meeting relating to the proposed convertible note restructure before completion of the Panel proceedings.