The Panel has declined to conduct proceedings on an application dated 21 April 2022 from Au Xingao Investment Pty Ltd (Xingao) in relation to the affairs of Bullseye Mining Limited (Bullseye) (see TP22/32). Bullseye is currently the subject of takeover bids by Emerald Resources NL (ASX:EMR) and Xingao.

Among other things, Xingao had submitted that Bullseye (in summary) failed to:

The review Panel has declined to conduct proceedings on a review application dated 22 April 2022 from CapVest Partners LLP (CapVest) in relation to the affairs of Virtus Health Limited (Virtus). The application sought a review of the initial Panel’s decision in Virtus Health Limited 03 (see TP22/30).

The Panel has received an application from Virtus Health Limited (Virtus) in relation to its affairs.

Virtus is the subject of competing control proposals for all its fully paid ordinary shares from both BGH Capital Pty Ltd¹ (BGH Bidders) and CapVest Partners LLP (CapVest) which have been the subject of several Panel applications.²

Details of the application, as submitted by Virtus, are below.

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 18 March 2022 by Metalicity Ltd in relation to the affairs of Nex Metals Explorations Ltd (see TP22/23).

On 22 April 2022, the Panel received an application from CapVest Partners LLP seeking a review of the Panel’s decision in Virtus Health Limited 03 (see TP22/30).

The Panel has received an application from Au Xingao Investment Pty Ltd in relation to the affairs of Bullseye Mining Limited. Bullseye is currently the subject of takeover bids by Emerald Resources NL (ASX:EMR) and Au Xingao Investment Pty Ltd.

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.

On the application of WAM Active Limited, the Panel has varied the Panel’s orders in Keybridge Capital Limited 04, 05 & 06 (see TP20/24).

The Panel has accepted an undertaking from BGH Bidders¹ (see annexure) and declined to make a declaration of unacceptable circumstances in response to an application dated 7 April 2022 from CapVest Partners LLP in relation to the affairs of Virtus Health Limited (see TP22/27).

The Panel has declined to conduct proceedings on an application from Mr Gordon Elkington in relation to the affairs of Wollongong Coal Limited (see TP22/26). The application concerned the content of a revised independent expert’s report (Revised IER) required for a compulsory acquisition under Chapter 6A¹ commenced by Wollongong’s major shareholder, Jindal Steel & Power (Mauritius) Limited.

The Panel has made interim orders¹ in response to an application for interim orders dated 7 April 2022 from CapVest Partners LLP in relation to the affairs of Virtus Health Limited.

The interim orders in effect prohibit BGH (without the consent of the sitting Panel) from acquiring on market any Virtus shares above its Bid Price, unless and until it has made an announcement to ASX that informs the market that the Bid Price is to be increased and the amount of that increase.