The President's Club Limited - Declaration of Unacceptable Circumstances
The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 26 June 2012 by The President's Club Limited in relation to its affairs (see TP12/37).
Background
President's Club, an unlisted public company with more than 50 members, operates a time share scheme at the Palmer Coolum Resort. At the date of the application, each President's Club shareholder held ordinary shares (which are voting shares) and a corresponding villa interest.
Alesco Corporation Limited - Panel Receives Application
The Panel has received an application from Alesco Corporation Limited in relation to Alesco's affairs. The application concerns an announcement made by DuluxGroup Limited to ASX on 23 July 2012 concerning its current bid for Alesco (the "Announcement").
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.
Austock Group Limited - Panel Makes Interim Orders
The Panel has made interim orders in relation to an application by Mariner Corporation Limited concerning the affairs of Austock Group Limited.
The interim orders provide that Mariner and its officers not (except with the consent of the Panel), directly or indirectly, publish or despatch any material to Austock shareholders, publish any non-public material provided in the proceedings or participate in any canvassing of the matter in the media.
Hastings Diversified Utilities Fund 02 - Panel Receives Application
The Panel has received an application from Australian Foundation Investment Company Limited (AFIC), a unit holder in Hastings Diversified Utilities Fund (HDF), in relation to the affairs of HDF.
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.
Austock Group Limited - Panel Receives Application
The Panel has received an application from Mariner Corporation Limited in relation to the affairs of Austock Group Limited.
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.
Minemakers Limited - Variation to Orders
The Panel made a declaration and final orders on 25 June 2012 in response to an application dated 5 June 2012 by Minemakers Limited in relation to its affairs (see TP12/36).
Minemakers sought an order that its costs in relation to the proceedings be paid by UCL Limited. The Panel indicated to the parties that it was not minded to make an order for costs, but would be prepared to revisit this issue depending on:
Minemakers Limited
The Panel, Andrew Low, Jane Sheridan and Heather Zampatti (President), made a declaration of unacceptable circumstances in relation to the affairs of Minemakers. It found that there were disclosure deficiencies and omissions in the bidder’s statement lodged by UCL under its off-market takeover bid for Minemakers.
Minemakers Limited - Panel Publishes Reasons
The Panel today published the reasons for its decision on an application dated 5 June 2012 by Minemakers Limited in relation to its affairs.
Details of the Panel's decision can be found at TP12/36.
The Panel's reasons for its decisions are on the Panel's website.
The sitting Panel was Andrew Low, Jane Sheridan and Heather Zampatti (President).
Flinders Mines Limited
The Panel, Garry Besson (sitting President), Catherine Brenner and Justin Gleeson SC, declined to conduct proceedings on an application by Ms Geraldine Carter in relation to the affairs of Flinders Mines Limited. The application concerned the effect that an injunction granted by a foreign court against Magnitogorsk Iron and Steel Works OJSC had on preventing the Flinders Mine Ltd scheme of arrangement from proceeding to court approval after the shareholders had approved it. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.