The Panel has accepted an undertaking from Australian Executor Trustees Limited (see annexure) and declined to conduct proceedings on an application dated 29 November 2012 from Knights Capital Group Limited in relation to its affairs.
On 23 November 2012, the review Panel granted a further stay of the Panel’s orders, at the request from Tinkerbell Enterprises Pty Ltd as trustee for the Leanne Catelan Trust, pending Tinkerbell’s consideration of whether to appeal the decision of Justice Collier dated 16 November 2012 (see TP12/82).
The Panel was informed on Thursday 29 November 2012 that Tinkerbell will not be appealing Justice Collier’s decision. Accordingly, with effect from today, the stay is lifted.
The Panel has received an application from Knights Capital Group Limited in relation to its affairs.
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.
Knights is an unlisted public company with more than 50 shareholders.
On 22 February 2011, the Panel made a declaration of unacceptable circumstances on an application dated 6 January 2011 by Mr Gerry Pauley and Mr Gordon Elkington in relation to the affairs of CMI Limited (see TP11/15).
The Takeovers Panel notes the decision of the Federal Court in Tinkerbell Enterprises Pty Limited as trustee for The Leanne Catelan Trust v Takeovers Panel handed down today.1
Tinkerbell's application to the Federal Court was dismissed with costs.