Bisalloy Steel Group Limited Rights Issue - Panel Receives Application

The Panel has received an application dated 15 December 2008 from Balron Nominees Pty Limited in relation to the affairs of Bisalloy Steel Group Limited. Balron holds a 16.1% interest in Bisalloy, which is conducting a renounceable rights issue to raise approximately $20.9 million, offering 4 new shares for every 5 existing Bisalloy shares.

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).
Subscribe to