Ignite Limited
Introduction
- The Panel, Timothy Longstaff, Philippa Stone (sitting President) and Erin Tinker, declined to conduct proceedings on an application by Ignite Limited in relation to its affairs.
The Panel has declined to conduct proceedings on an application dated 6 February 2024 from Ignite Limited in relation to its affairs.
The Panel has received an application from Ignite Limited (ASX: IGN) (Ignite) in relation to its affairs.
Details of the application, as submitted by the applicant, are below.
A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.
The Panel has become aware of statements made and disseminated by Mr Shane Yeend prior to Mighty Kingdom Limited’s extraordinary general meeting on Friday, 19 January 2024 in relation to the Panel proceedings in the matter of Mighty Kingdom Limited (see TP23/45) to which Mr Yeend was a party (the Statements).
Following discussions with the Corporations Committee of the Business Law Section of the Law Council of Australia, the Panel has amended its pro‑forma application to explicitly address the issue of standing of applicants before the Panel, by requiring an applicant to explain how its interests are affected by the relevant circumstances identified in the application under section 657C(2).
A copy of the updated version of the pro‑forma application is available on the Panel's website.
The review Panel has set aside the initial Panel’s orders and made new orders (Annexure A). The review Panel previously affirmed the initial Panel’s decision to make a declaration of unacceptable circumstances (see TP23/46) in relation to the acquisition of 6.83% of Southern Cross Media Group Limited shares in contravention of s606 (the Relevant Shares).