Bowen Energy Limited 02R

The review Panel, Catherine Brenner, Rodd Levy (sitting President) and Andrew Sisson made a declaration of unacceptable circumstances in relation to the affairs of Bowen. The review Panel considered that there were material deficiencies in the technical expert's report (and so expert's report) regarding some of the values found, some of the logic involved and compliance with ASIC Regulatory Guide 111 and the VALMIN Code. The review Panel is making further enquiries whether Bhushan and Savni are associates. The review Panel agreed with the initial Panel on other aspects of the application.

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).

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 The Panel ordered that the bid be withdrawn.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.