The Panel advises that it has declined a further application in relation to the four Colonial First State Property funds. The application was from the Responsible Entity for the Colonial Funds. The application sought urgent interim orders to restrain dispatch of the bidder's statement in Mirvac Funds Limited's takeover bid for the Colonial Funds.
These are our reasons for declining to make a declaration of unacceptable circumstances in response to the application by directors of Radly on 27 June 2002 concerning the affairs of Isis, resulting from a contract for the sale, by Radly (acting through its receivers), of 19.9% of Isis to MGB and Investec. The Panel considered that despite its concerns over a possible technical breach of section 606 of the Corporations Act, there did not appear to be a basis for a declaration of unacceptable circumstances.
The Panel advises that it has today published its reasons for its decision in response to an application in relation to Isis Communications Ltd. on 27 June 2002. The Panel published its decision on 9 July 2002.
The application related to an agreement on 14 June 2002, by Radly Corporation Pty. Ltd. (Receivers and Managers Appointed), acting through its receivers, to sell 19.9% of the shares in Isis, in equal shares to Investec Australia Ltd and MGB Equity Growth Pty. Ltd. Radly held 43% of the shares in Isis at the time.
These are our reasons for declining to commence proceedings in relation to the application by AurionGold on 5 August 2002. The decision follows undertakings to the Panel by Placer Dome reducing the broker inducement fee offered in its bid for AurionGold from 1.5% with a maximum payment of $4500 to 0.75% with a maximum payment of $750. The application in this matter was brought by AurionGold.
The Panel advises that it has today published its reasons for its decision in response to an application by AurionGold Limited on Monday 5 August 2002. On Tuesday 6 August, the Panel declined to commence proceedings, having accepted an undertaking offered by Placer Dome Asia Pacific Limited (Placer Dome) in relation to the broker inducement fee which Placer Dome announced on 29 July 2002 (Australian time) under its takeover offers for AurionGold Limited.
The Panel advises that it has today accepted undertakings in relation to the proposal (Merger Proposal) for the merger of Colonial First State Property Trust Group (Colonial Funds) with the Commonwealth Property Office Fund (Commonwealth Fund) and the Gandel Retail Trust (Gandel Fund). On the basis of the undertakings the Panel has decided not to make a declaration of unacceptable circumstances in response to applications by Mirvac Funds Ltd.
These are our reasons for declining to make a declaration of unacceptable circumstances in relation to the affairs of Online Advantage Limited (Online Advantage) as a result of the acquisition by certain persons of approximately 100 million shares in Online Advantage through crossings which occurred on 3 June 2002.
The Takeovers Panel today advises its decision in relation to applications made by McWilliam Nominees Pty Ltd and ASIC in relation to the affairs of Online Advantage Limited.
On 4 July 2002, McWilliam Nominees lodged an application for a declaration of unacceptable circumstances under Section 657A of the Corporations Act 2001 in relation to the alleged acquisition by certain persons specified in the application of approximately 100 million shares in Online Advantage on or around 3 June 2002 ("3 June Crossing").
The Panel advises that it has considered the issues raised in the applications made by Mirvac Funds Ltd. in relation to the Merger Proposal by Colonial First State Property Funds, Commonwealth Property Office Fund and Gandel Retail Trust. The Panel has made some preliminary decisions, however, it has decided to try to seek implementation of those decisions by undertakings from the parties. Discussions on the Panel's proposals to resolve the issues are still in progress with the parties.
The Panel advises that it has received a second application from Mirvac Funds Limited. The application seeks a review of the Australian Securities & Investments Commission's decision to modify item 7(a)(ii) of section 611 of the Corporations Act in relation to the proposal by Commonwealth Property Office Fund and Gandel Retail Trust, and their respective responsible entities, for a merger with the four Colonial First State Property funds.