Revised Procedural Rules: Correction to Consultation Draft
The Panel has posted a draft set of revised rules on its website for public consultation.
NewSat Limited
The Panel, John Fast (sitting President), John Keeves and Mike Roche declined to conduct proceedings on an application by NewSat in relation to its affairs. The application alleged that an announcement of a scrip off-market takeover bid by EWC for 100% of NewSat was misleading and a sham. Following a supplementary announcement by EWC to deal with the misleading claim, the Panel considered it was premature to conclude that the EWC takeover bid would not proceed as announced or that the bid is a sham. The claims by NewSat, other than in respect of the misleading announcement, should be dealt with at the time of the bidder's statement, if then appropriate. Consequently there was no reasonable prospect at this stage that it would declare unacceptable circumstances and make orders.
NewSat Limited - Panel Declines to Conduct Proceedings and Publishes Reasons
The Panel has declined to conduct proceedings on an application dated 18 September 2009 from NewSat Limited in relation to its affairs.
The application submitted, among other things, that announcements made by EWC Payments Pty Ltd on 3 September 2009 relating to a scrip off-market takeover bid by EWC for all the shares of NewSat were misleading, the bid was unlikely to proceed, and the bid was a sham (see TP09/68).
Revised Procedural Rules – Panel Releases Consultation Draft
The Panel has conducted a review of its Rules for Proceedings and has posted a draft set of revised rules on its website for public consultation.
Bowen Energy Limited 02R – Declaration of Unacceptable Circumstances and Orders
The Panel has made a declaration of unacceptable circumstances and final orders in response to a review application dated 3 September 2009 by Macrae Holdings (WA) Pty Ltd in relation to the affairs of Bowen Energy Limited.
Multiplex Prime Property Fund 01 and 02
The Panel, Stephen Creese, Sophie Mitchell and Ian Ramsay (sitting President) made a declaration of unacceptable circumstances in relation to the affairs of Multiplex. The application concerned a market bid by Australian Style for Multiplex. The Panel found that the structure of the bid was untenable and, in particular, that it was coercive and contained insufficient information. The Panel ordered that the bid be withdrawn.
Multiplex Prime Property Fund 01 & 02 - Panel Publishes Reasons
The Panel today published the reasons for its decision on applications dated 6 and 10 September 2009 by Brookfield Multiplex Capital Management Limited (in its capacity as responsible entity for Multiplex Prime Property Fund) and Multiplex Colt Investments Pty Limited (as trustee of the Multiplex Colt Investments Trust) in relation to the affairs of Multiplex Prime Property Fund.
Redflex Holdings Limited
The Panel, Andrew Lumsden (sitting President), Anthony Sweetman and Simon Withers, declined to conduct proceedings on an application by Silverlene concerning a capital raising announced by Redflex on 10 September 2009 in the context of a proposed reconstitution of the Redflex board. Having considered the attributes of the placement and rights issue and having received an undertaking as to allocation of the shortfall, the Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.
Redflex Holdings Limited - Panel Publishes Reasons
The Panel today published the reasons for its decision on an application dated 11 September 2009 from Silverlene Pty Ltd on its on own behalf and "separately at the request of" Thorney Holdings Pty Ltd, Thorney Pty Ltd, Renaissance Smaller Companies Pty Ltd and Hunter Hall Investment Management Ltd.
Redflex Holdings Limited – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 11 September 2009 from Silverlene Pty Limited on its own behalf and "separately at the request of" Thorney Holdings Pty Ltd, Thorney Pty Ltd, Renaissance Smaller Companies Pty Ltd and Hunter Hall Investment Management Ltd in relation to the affairs of Redflex Holdings Limited.