Lincoln Minerals Limited
Introduction
- The Panel, Kristen Jung, Bill Koeck and Tony Osmond (sitting President), declined to conduct proceedings on an application by Olary Holdings Limited in relation to the affairs of Lincoln Minerals Limited.
The Panel has declined to conduct proceedings on an application dated 24 May 2022 from Nex Metals Explorations Ltd (ASX:NME) in relation to its affairs. Nex Metals is the subject of an off-market scrip takeover bid from Metalicity Ltd (ASX:MCT).
The application raised concerns with the ongoing disclosure in respect to the takeover offer by Metalicity, including lack of disclosure of the implied value of the offer following material changes to the parties’ respective share prices and the completion of an entitlement offer by Metalicity.
The Panel has made orders (Annexure A) requiring DRA Global Limited, Alistair Hodgkinson, Darren Naylor, James Smith and Brian Dowding to pay the fair and reasonable costs incurred by the applicant, Haydn von Maltitz, in connection with the proceedings in DRA Global Limited (see TP22/39 and TP22/41).
The Panel has made orders (Annexure A) requiring Nex Metals Explorations Ltd to pay part of the costs of the applicant, Metalicity Ltd, in Nex Metals Explorations Ltd 05 (see TP22/34).
The sitting Panel was Elizabeth Hallett (sitting President), Christian Johnston and Rob McKenzie.
The Panel will publish its reasons for the decision in due course on its website.
The Panel has received an application from Nex Metals Explorations Ltd (ASX: NME) in relation to its affairs. Nex Metals is the subject of an off-market scrip takeover bid from Metalicity Ltd (ASX: MCT).
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.