Bowen Energy Limited 02R – Panel Concludes Proceedings
The Panel has now concluded its proceedings and referred the question of whether there is any association between Bhushan Steel (Australia) Pty Ltd and Savni Holding Limited to ASIC.
Multiplex Prime Property Fund 04 – Panel Receives Application
The Panel has received an application from Grocon Investment Management Pty Ltd in relation to the affairs of Multiplex Prime Property Fund.
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.
Bowen Energy Limited 02R – Panel Publishes Reasons
The Panel today published the reasons for its decision on an application dated 3 September 2009 from Macrae Holdings (WA) Pty Ltd in relation to the affairs of Bowen Energy Limited.
Multiplex Prime Property Fund 03 – Panel Receives Application
The Panel today received an application from Australian Style Investments Pty Ltd in relation to the affairs of Multiplex Prime Property Fund.
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.