MYOB Limited

The Panel, Michael Ashforth (sitting President), Paula Dwyer and Marie McDonald, made a declaration of unacceptable circumstances. Manhattan, bidding for MYOB, entered into understandings with 4 investors which gave it a relevant interest in approximately 34% of MYOB shares. The relevant interest was acquired in contravention of s606 and inhibited an efficient, competitive and informed market for shares in MYOB.

Babcock & Brown Communities Group 02

The Panel, Hamish Douglass, Andrew Lumsden (sitting President) and Robert Sultan, declined to conduct proceedings on an application from Prime concerning the affairs of BBC. The Panel did not consider there was a reasonable likelihood of finding unacceptable circumstances as it was for the independent directors of BBC, not the Panel, to determine what constituted a superior proposal.

Babcock & Brown Communities Group 02 - Panel Declines to Conduct Proceedings and Publishes Reasons

The Panel has declined to conduct proceedings on an application dated 18 November 2008 from Australian Property Custodian Holdings Limited as responsible entity of The Prime Retirement and Aged Care Property Trust in relation to the affairs of Babcock & Brown Communities Group,1 which is the subject of a 40% proportional takeover bid by Prime Retirement (see TP08/105).

MYOB Limited - Panel Makes Interim Orders

The Panel has decided to conduct proceedings in relation to one of the issues raised in the application by MYOB Limited dated 10 November 2008 in relation to its affairs. That issue concerns whether Guinness Peat Group Australia, Colonial First State Global Asset Management Australian Equities - Growth Team, Octavian Special Master Fund LP, and Schroders Investment Management (collectively, the Shareholders) committed to Manhattan to accept its bid before it is made so as to give rise to unacceptable circumstances.
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