The Panel has declined to conduct proceedings on an application dated 3 August 2012 from UCL Resources Limited in relation to the affairs of Minemakers Limited.
Minemakers is currently the subject of an off-market bid from UCL (see TP12/51).
The Panel has received an application from UCL Resources Limited in relation to the affairs of Minemakers Limited. Minemakers is currently the subject of an off-market takeover bid from UCL, announced on 18 May 2012.
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 lodged its target's statement with ASIC on 23 July 2012.
The Panel has received an application from DuluxGroup Limited1 in relation to the affairs of Alesco Corporation Limited.
Details of the application, as submitted by the applicant, are below.
A sitting Panel has been appointed to consider Alesco 01 and 02 – Geoff Brunsdon, Stephen Creese (President) and Sarah Dulhunty. The Panel has decided to hear both matters together and conduct proceedings.
The Panel makes no comment on the merits of the application.
The Panel has declined to conduct proceedings on an application dated 19 July 2012 from Australian Foundation Investment Company Limited (AFI), a unit holder in Hastings Diversified Utilities Fund (HDF), in relation to the affairs of HDF.
The application concerned the provision of a proper and full independent evaluation of the internalisation of management of HDF in the context of a takeover bid for HDF by Pipeline Partners Australia Pty Ltd (PPA). HDF is also currently the subject of a competing bid by APT Pipelines Limited.
The Panel has accepted an undertaking from Folkestone Limited (see annexure) in response to an application dated 12 July 2012 from Mariner Corporation Limited in relation to the affairs of Austock Group Limited (see TP12/42).
A copy of the undertaking is attached.
The President has appointed Peter Day, Byron Koster and Peter Scott (sitting President) as the sitting Panel in this matter.
The Panel has received an application in relation to the affairs of IFS Construction Services Limited. The applicants are three shareholders who together hold approximately 7% of the issued share capital of IFS.1
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 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).
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.
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.