The Panel has declined to conduct proceedings on a review application from Nex Metals Explorations Limited (Nex Metals) in relation to its own affairs.

The review application sought a review of the initial Panel’s decision to decline to conduct proceedings in Nex Metals Explorations Ltd 03 (see TP 21/39).

The Panel refers to the review applications from each of Paul Moore (and other entities) (Moore) and PM Capital Limited seeking a review of the initial Panel’s decision in PM Capital Asian Opportunities Fund Limited 01 to make a declaration of unacceptable circumstances and final orders in relation to the affairs of PM Capital Asian Opportunities Fund Limited (ASX: PAF) (see TP21/45).

The Panel has received an application from each of Paul Moore (and his associated entities) and PM Capital Limited seeking a review of the initial Panel’s decision in PM Capital Asian Opportunities Fund Limited 01 (Review Applications) (see TP21/43).

The President of the Panel has made interim orders¹ in response to applications for interim orders dated 7 December 2021 by each of Paul Moore and PM Capital Limited in relation to the affairs of PM Capital Asian Opportunities Fund Limited (PAF).

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 15 October 2021 by WAM Capital Limited in relation to the affairs of PM Capital Asian Opportunities Fund Limited (ASX: PAF) (see TP21/27).

Background

The following facts are in summary form (see the declaration for more background).

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 2 November 2021 by Metalicity Ltd in relation to the affairs of Nex Metals Explorations Ltd (see TP21/35).

The Panel has declined to make a declaration of unacceptable circumstances in response to applications dated 13 August 2021 and 31 August 2021 from Mr Benjamin Graham¹ and Mr Warwick Sauer² in relation to the affairs of AIMS Property Securities Fund (APW).

The Panel has received an application from Nex Metals Explorations Ltd seeking a review of the Panel’s decision in Nex Metals Explorations Ltd 03 (see TP21/39).

A review 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 declined to conduct proceedings on an application dated 17 November 2021 from Nex Metals Explorations Ltd in relation to its affairs.

Nex Metals had submitted (in effect) that following the making of Metalicity’s bid, an agent of Metalicity has engaged in conduct that constituted a breach of sections 619(1) (offers to be the same) and 623 (collateral benefits) of the Corporations Act 2001 (Cth) (see TP21/38).

The Panel has received an application from Nex Metals Explorations Ltd in relation to its affairs. Nex Metals is currently the subject of an off-market scrip takeover bid from Metalicity Ltd.

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.