Moreton Resources Limited (in Liquidation) (Receivers Appointed) (Subject to Deed of Company Arrangement) 03

Introduction

  1. The Panel, Tracey Horton AO (sitting President), John McGlue and David Williamson declined to conduct proceedings on an application by the board of Moreton Resources Limited (in Liquidation) (Receivers Appointed) (Subject to Deed of Company Arrangement) in relation to the affairs of Moreton. The application (among other things) sought a final order that the appointment of receivers of Moreton be set aside.

Molopo Energy Limited 03R, 04R & 05R Variation - Variation of Orders

On the application of Aurora Funds Management Ltd as responsible entity for the Aurora Fortitude Absolute Return Fund and Aurora Global Income Trust (Aurora), the Panel has varied the Panel’s orders in Molopo Energy Limited 03R, 04R & 05R.1  Among other things, the orders vested certain shares in Molopo Energy Limited (Molopo) held by Aurora and Keybridge Capital Limited (Keybridge) in ASIC for sale.

Moreton Resources Limited (in Liquidation) (Receivers Appointed) (Subject to Deed of Company Arrangement) 03 – Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application dated 4 July 2022 from the board of Moreton Resources Limited (in Liquidation) (Receivers Appointed) (Subject to Deed of Company Arrangement) (Applicants) in relation to the affairs of Moreton.

Moreton is a company under various forms of external administration. The Applicants sought interim and final orders, including an order that the appointment of receivers be set aside.

Moreton Resources Limited (in Liquidation) (Receivers Appointed) (Subject to Deed of Company Arrangement) 03 – Panel Receives Application

The Panel has received an application from the board of Moreton Resources Limited (in Liquidation) (Receivers Appointed) (Subject to Deed of Company Arrangement) (Applicants) in relation to the affairs of Moreton.

Details of the application, as submitted by the Applicants, 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.

Virtus Health Limited 06R

Introduction

  1. The review Panel, Rory Moriarty, John O’Sullivan (sitting President) and Karen Phin, declined to conduct proceedings on an application by Virtus Health Limited to review the decision of the initial Panel to decline to conduct proceedings in Virtus Health Limited 05.
  2. In these reasons, the following definitions apply.
    BGH Bid
    the takeover bid described in the BGH BS
    BGH Bidders
    Oceania Equity Investments Pty Ltd (ACN 655

Bullseye Mining Limited 05

Introduction

  1. The Panel, Bruce McLennan, Kerry Morrow and Sharon Warburton (sitting President), decided not to conduct proceedings on an application by Au Xingao Investment Pty Ltd in relation to the affairs of Bullseye Mining Limited. The application concerned unregistered share transfers in Bullseye and disclosure by the target of information relating to Xingao’s bid conditions and other matters.

Nex Metals Explorations Ltd 05

Introduction

  1. The Panel, Elizabeth Hallett (sitting President), Christian Johnston and Robert McKenzie, made a declaration of unacceptable circumstances in relation to the affairs of Nex Metals Explorations Ltd. Nex Metals is the subject of an off-market scrip bid by Metalicity Ltd. The Panel considered (among other things) that Nex Metals’ replacement target’s statement in respect of Metalicity’s bid contained information deficiencies and did not disclose a sufficient basis upon which Nex Metals’ directors recommend that shareholders reject the bid.

Keybridge Capital Limited 04, 05 & 06 Variation

Introduction

  1. The Panel, Chelsey Drake, Bruce McLennan and Sharon Warburton (sitting President), varied the final orders made by the sitting Panel in Keybridge Capital Limited 04, 05 & 06.1 Relevantly, those orders gave persons who accepted into WAM Active Limited’s off-market takeover bid for Keybridge Capital Limited2 and had their acceptances processed a perpetual withdrawal right.3 The vari
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