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.
The Panel has accepted undertakings from LinQ Capital Limited and LinQ Capital No. 2 Pty Ltd (see annexure A) and IMC Resources Holdings Pte Ltd (see annexure B) and declined to conduct proceedings on an application dated 23 October 2012 from WA Fire and Emergency Services Superannuation Board in relation to a bid by IMC for all the units in LinQ Resources.
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