Drillsearch Energy Limited 02 – Panel Receives Application
The Takeovers Panel has received an application from Beach Petroleum Limited in relation to the affairs of Drillsearch Energy Limited.
Drillsearch Energy Limited – Panel Receives Application
The Takeovers Panel has received an application from Beach Petroleum Limited in relation to the affairs of Drillsearch Energy Limited.
3D Oil Limited – Panel Application Withdrawn
The Panel has consented to a request by Veritas Securities Limited to withdraw its application to the Panel dated 25 May 2009, in relation to the affairs of 3D Oil Limited. The application concerned the alleged failure of Drillsearch Energy Limited to send copies of the bidder's statement and acceptance form in relation to its takeover bid for 3D Oil to the holders of formerly escrowed shares in 3D Oil (see TP09/037).
Datadot Technology Limited – Panel Receives Application
The Panel has received an application from Mr William Cleugh, a shareholder of Datadot Technology Limited, in relation to the affairs of that company.
3D Oil Limited – Panel Receives Application
The Panel has received an application from Veritas Securities Limited in relation to the affairs of 3D Oil Limited.
Gloucester Coal Limited 01R – Discontinuance of Application for Judicial Review
On 20 May 2009, Noble Group Limited and Paway Limited filed a notice of discontinuance in relation to their application for judicial review in the High Court of the Panel’s decision to make a declaration of unacceptable circumstances and orders in Gloucester Coal Limited 01R.
Panel Publishes Consultation Paper
The Takeovers Panel today released a Consultation Paper seeking public comment on four draft rewritten guidance notes.
Gloucester Coal Limited 01R – Application for Review of Decision
The Panel has been served with an application to the High Court of Australia for judicial review of the Panel's decision to make a declaration of unacceptable circumstances and orders in relation to Gloucester Coal Limited 01R.
Gloucester Coal Limited 01R – Variation to Orders
The Panel has considered a request from Noble Group Limited on 11 May 2009 to vary the Panel's orders dated 29 April 2009, seeking clarification of paragraph 6 (which required the independent directors of Gloucester Coal Limited to consider any proposal made or announced for Gloucester as soon as practicable).
Gloucester Coal Limited 01R(a) and (b)*
The review Panel, Michael Ashforth, Geoff Brunsdon and Alison Lansley (sitting president) made a declaration of unacceptable circumstances in relation to the affairs of Gloucester. The review Panel considered that there was insufficient evidence of a control block to conclude that the Merger amounted to a change of control of Gloucester giving rise to unacceptable circumstances or had an effect on control to warrant a shareholder vote. But, contrary to the principles in ss602(a) and (c), the Merger had an effect on control in that it acted as a lock-up device of Gloucester by preventing other control transactions. The Panel ordered that the Merger be subject to a "fiduciary out".