These are the Panel’s reasons for declining the application by two shareholders of Dromana Estate Limited, in relation to a 1 for 1 non-renounceable rights issue to be conducted by Dromana. The Panel initially had some concerns as to a related party underwriting agreement, the level of disclosure concerning the company’s major asset and submissions as to association. However, on the basis of the undertakings offered by the company and advice as to the process of settling the structure of the rights issue, the Panel accepted the undertakings and declined the application.

These are the Panel’s reasons for declining, on the basis of an undertaking from Dromana, a review application of Mr John Hempton, a shareholder in Dromana Estate Limited, to make a declaration of unacceptable circumstances in relation to a 1 for 1 non-renounceable rights issue to be conducted by Dromana.

These are the Panel’s reasons for making a declaration of unacceptable circumstances and final orders in relation to the affairs of Axiom Properties Limited following applications to the Takeovers Panel by Pivot Group Pty Ltd and Saramac Nominees Pty Ltd. The Panel required Axiom Properties Limited to make additional disclosure to its shareholders of the potential for conflicts of interest which may arise if they approved a proposal by Saramac to provide additional funds to the company by way of subscription, convertible note and options. The Panel required Pivot to amend the agreement it had entered with Axiom, to delete a “No Talk” provision from the agreement, in order to allow Axiom to discuss the rival Saramac Proposal.

These are the Panel’s reasons for declining to make a declaration of unacceptable circumstances following receipt by Rusina Mining NL of a response to a tracing notice and following the lodgement and publication of relevant substantial holder notices by New Frontier Limited. The Panel made interim orders restricting the disposal of specified ordinary shares in Rusina Mining NL.

These are the Panel’s reasons for declining to commence proceedings in relation to an application that the slides from an investor presentation by Nexus Energy Ltd were false and misleading in the context of a takeover bid by Anzon Australia Ltd. The Panel considered that a clarification statement issued by Nexus, the fact that the Nexus target’s statement was due to be delivered within approximately a week, and an analysis of the information in the slides, meant that there was not sufficient basis to commence proceedings.