Northern Energy Corporation Limited - Panel Decision

The Panel has accepted an undertaking from Northern Energy to make corrective disclosure and has declined to make a declaration of unacceptable circumstances in response to an application dated 10 December 2010 from Arkdale Pty Ltd, a wholly owned subsidiary of New Hope Corporation Limited, in relation to the affairs of Northern Energy Corporation Ltd. Northern Energy is the subject of an off-market cash takeover bid by Arkdale (see TP10/70).

Crane Group Limited - Panel Notes Settlement Between Parties

On 30 December 2010, the Panel received an application from Crane Group Limited for an interim order restraining dispatch of a bidder's statement by Fletcher Building (Australia) Pty Ltd in relation to a bid for Crane Group. Crane Group and Fletcher Building were able to negotiate changes to the bidder's statement without involvement of the Panel. Therefore it was not necessary to make an interim order.

Vesture Limited 02

The Panel, Geoff Brunsdon (sitting President), Garry Besson and Rodd Levy, declined to make a declaration of unacceptable circumstances in relation to the affairs of Vesture Limited. The application concerned the rights issue announced by Vesture on 16 November 2010. The Panel was not satisfied that the circumstances in relation to the rights issue were unacceptable. The Panel also declined to conduct proceedings on the allegation of association.
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