RCL Group Limited

The Panel, Peter Hay (sitting President), Rodd Levy and Nora Scheinkestel declined to conduct proceedings on an application concerning clauses in a financing agreement that gave rise to a "review event' (or "event of default') upon changes to RCL Group Limited's board of directors (or key persons). The applicant submitted that these clauses entrenched the incumbent directors and certain management and acted as a "poison pill'. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

Hastings Diversified Utilities Fund - Panel Declines to Make a Declaration and Publishes Reasons

The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 23 December 2011 from Hastings Diversified Utilities Fund in relation to its affairs. The Panel decided not to make a declaration after supplementary disclosure was provided in a form and manner that was acceptable to the Panel.
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