Maronan Metals Limited

Introduction

  1. The Panel, John McGlue (sitting President), Emma-Jane Newton and James Stewart, declined to conduct proceedings on an application by Mr Benjamin Pauley in relation to the affairs of Maronan Metals Limited. The application concerned certain trading in Maronan shares prior to the announcement of Maronan’s placement and share purchase plan on 16 May 2024.

Sierra Rutile Holdings Limited

Introduction

  1. The Panel, Louise Higgins, Ruth Higgins SC and Timothy Longstaff (sitting President) declined to conduct proceedings on an application by PRM Services LLC in relation to the affairs of Sierra Rutile Holdings Limited. The application concerned allegations that certain shareholders of Sierra were associated and were acting together to influence its affairs, in particular in relation to the recommencement of certain mining operations and voting for the appointment of directors at an AGM.

Ringers Western Limited 02R – Review Panel Affirms Declaration of Unacceptable Circumstances and Agrees with Orders

The review Panel has affirmed the initial Panel’s decision to make a declaration of unacceptable circumstances in Ringers Western Limited (see TP24/033).

On 6 June 2024 the President of the Panel made interim orders that, among other things, stayed the initial Panel’s final orders cancelling 687,959,705,932 shares in Ringers Western Limited (see TP24/034).

Locality Planning Energy Holdings Limited – Panel Accepts Undertakings and Declines to Make Declaration

Following the offering of undertakings by 2 of the directors of Locality Planning Energy Holdings Limited (ASX:LPE) and companies connected with them, to address concerns of the Panel, the Panel declined to make a declaration of unacceptable circumstances in response to an application dated 28 May 2024 from River Capital Pty Limited1 in relation to the affairs of Locality (see TP24/028).

Locality is currently the subject of an off‑market takeover bid by River Capital.

Ringers Western Limited

Introduction

  1. The Panel, Marissa Freund, Neil Pathak and Nicola Wakefield Evans (sitting President), made a declaration of unacceptable circumstances in relation to the affairs of Ringers Western Limited. The application concerned an issue of shares in contravention of section 6061 by Ringers Western. The Panel declared the circumstances unacceptable having regard to (among other things) the effect the contraventions were likely to have on the control or potential control of Ringers Western.

Westgold Resources Limited – Panel Accepts Undertakings and Declines to Make a Declaration

The Panel has accepted undertakings from Westgold Resources Limited (Westgold) and Karora Resources Inc. (Karora) (see Annexure) and declined to make a declaration of unacceptable circumstances in response to an application dated 27 May 2024 from Ramelius Resources Limited (Ramelius) in relation to the affairs of Westgold (see TP24/29).

Mount Isa Minerals Limited

Introduction

  1. The Panel, Joseph Fayyad, Rebecca Maslen‑Stannage (sitting President) and John McGlue declined to conduct proceedings on an application by Lantech Developments Pty Ltd in relation to the affairs of Mount Isa Minerals Limited. The application concerned allegations that certain lenders to, and shareholders and directors of, Mount Isa Minerals were associated and were acting together to affect the composition of the board and to otherwise control and manage the company to the exclusion of other shareholders.

Pacific Smiles Group Limited – Panel Declines to Make Orders

The Panel has declined to make orders in relation to an application dated 17 May 2024 by NDC BidCo Pty Ltd in relation to the affairs of Pacific Smiles Group Limited (Pacific Smiles) (see TP24/24).

Background

Between 6 and 15 December 2023, Beam Investment Co Pty Limited (Beam) entered into several agreements with its consortium partners (referred to as Acquisition Agreements).

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