Real Estate Capital USA Property Trust - Panel Publishes Reasons

The Panel today published the reasons for its decision on an application dated 9 March 2012 from Intelligent Investor Funds Pty Limited in relation to the affairs of Real Estate Capital USA Property Trust.

Details of the Panel's decision can be found at TP12/22.

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

The sitting Panel was James Dickson, Alastair Lucas (sitting President) and John Story.

Careers Australia Group Limited

The Panel, Paula Dwyer, John Keeves (sitting President) and Anthony Sweetman declined to make a declaration of unacceptable circumstances, given performance of an undertaking offered by Cirrus, in relation to the affairs of Careers Australia. The application concerned option deeds entered into by Cirrus with some Careers Australia shareholders, the original effect of which would have been to reduce the number of Careers Australia shareholders to 50 or less, thus removing the company from Chapter 6 of the Corporations Act 2001 (Cth).

Real Estate Capital Partners USA Property Trust - Declaration of Unacceptable Circumstances and Orders

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 9 March 2012 by Intelligent Investor Funds Pty Ltd in relation to the affairs of Real Estate Capital Partners USA Property Trust (see TP12/17). The orders include the making of a further offer to unit holders.

Careers Australia Group Limited - Panel Accepts Undertaking and Declines to Make a Declaration of Unacceptable Circumstances

The Panel has accepted an undertaking from Cirrus Business Investments Limited (see annexure) and declined to make a declaration of unacceptable circumstances in response to an application dated 24 February 2012 from Jiggi Investments Pty Ltd and others in relation to the affairs of Careers Australia Group Limited (see TP12/08).

Ludowici Limited 01R(a) and (b)

The review Panel, Graham Bradley AM (sitting President), Norman O'Bryan AM SC and Mike Roche, declined to conduct proceedings in relation to two review applications made following a declaration of unacceptable circumstances in relation to the affairs of Ludowici Limited that the initial Panel made in Ludowici Limited [2012] ATP 3. The review Panel agreed with the initial Panel and considered that there was no reasonable prospect of the review Panel coming to a different conclusion.
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