The Panel has received an application from The President's Club Limited in relation to its affairs.

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.

Details

President's Club is an unlisted public company with more than 50 members. It operates a time share scheme at the Palmer Coolum Resort (formerly known as the Hyatt Coolum Resort).

The Panel has declined to conduct proceedings on an application dated 15 June 2012 from Ms Geraldine Carter in relation to the affairs of Flinders Mines Limited.

On 30 March 2012, Flinders shareholders voted in favour of a scheme of arrangement under which Magnitogorsk Iron and Steel Works OJSC (MMK) or its nominee would acquire all of the issued ordinary shares of Flinders not already held by MMK for A$0.30 per share.

The Panel today published the reasons for its decision on an application dated 15 June 2012 from Ms Geraldine Carter in relation to the affairs of Flinders Mines Limited.

Details of the Panel's decision can be found at TP12/38.

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

The sitting Panel was Garry Besson (sitting President), Catherine Brenner and Justin Gleeson SC.

The Panel has made a declaration of unacceptable circumstances (Annexure A) and orders (Annexure B) in relation to an application dated 5 June 2012 by Minemakers Limited in relation to its affairs (see TP12/32).

Background

Minemakers is currently the subject of an off-market takeover bid by UCL Resources Limited.

On 8 June 2012, UCL Resources Limited provided an undertaking in lieu of the Panel making interim orders in response to an application from Minemakers Limited in relation to its affairs (see TP12/32 and TP12/33).  The undertaking will expire at the end of this week.

UCL has agreed to give a further undertaking in the same form as the original undertaking except that the new undertaking expires on completion of the Panel proceedings brought by Minemakers. 

The Panel has received an application from Ms Geraldine Carter in relation to the affairs of Flinders Mines 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.

UCL Resources Limited has provided an undertaking in lieu of the Panel making interim orders in response to an application from Minemakers Limited in relation to its affairs (see TP12/32).

A copy of the undertaking is attached.

The President has appointed Andrew Low, Jane Sheridan and Heather Zampatti (President) as the sitting Panel in this matter.

The Panel has received an application from Minemakers Limited in relation to its affairs.  Minemakers is currently the subject of an off-market takeover bid from UCL Resources Limited, 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.

The Panel received an application on 30 May 2012 in relation to the affairs of Northwest Properties Limited from Mr Brian Godfrey and Mr Shane Thompson (both current directors of Northwest) and Mr Mark Keene (a proposed new director of Northwest). Northwest is an unlisted public company.