Decision Postponed in Relation to Colonial First State Funds

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.

Second Application in Relation to Colonial First State Property Fund

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.

Ausdoc Group Limited

These are our reasons for declining to make a declaration of unacceptable circumstances in relation to the Deed of Undertaking entered into by Ausdoc Group Limited (Ausdoc) and ABN AMRO Capital (Belgium) N. V. (ABN AMRO) on 22 May 2002. The decision follows undertakings to the Panel by Ausdoc and ABN AMRO waiving ABN AMRO's right to the break fee that would be payable under the Deed if there is no bid for Ausdoc higher than the ABN AMRO bid, and ABN AMRO does not reach or waive its 90% minimum acceptance condition.

EPHS Limited

An application under section 657C of the Corporations Act by EPHS Limited for a declaration of unacceptable circumstances and orders concerning the bidder's statements in relation to bids by Cabcover Limited through its representative Akram El-Fahkri for two classes of shares in EPHS. The Panel declined to make a declaration of unacceptable circumstances or final orders in relation to the bidder's statements, accepting amendments to the bidder's statements instead.

Panel accepts Undertaking by Placer Dome to Vary Broker Inducement Fee

The Panel advises that it has 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 had concerns that the size of the fee offered by Placer Dome had the possibility of inducing brokers to place undue, and possibly coercive, pressure on their clients to accept the Placer Dome offer.

Decision in Relation to Isis Communications

The Panel advises that it has declined to make a declaration of unacceptable circumstances in response to an application on behalf of the directors of Radly Corporation Limited (Receivers and Managers Appointed). The application related to an agreement on 14 June 2002, by the receivers of Radly to sell 19.9% of the shares in Isis Communications Ltd, in equal shares to Investec Australia Pty Ltd and MGB Equity Growth Pty Ltd. Radly held 43% of the shares in Isis. The application was made on 27 June, 2002.

Application in Relation to Isis Communications

The Panel advises that it has received an application on behalf of the directors of Radly Corporation Limited (Receivers and Managers Appointed). The application seeks a declaration of unacceptable circumstances and interim orders in relation to an agreement entered into on 14 June 2002, between the receivers of Radly and both of Investec Australia Pty Ltd and MGB Equity Growth Pty Ltd. The agreement relates to the purchase of 19.9% of the issued capital of Isis Communications Ltd by MGB and Investec.

Takeovers Panel Decision in Relation to Ausdoc Group Ltd

The Panel advises that it has declined to make a declaration of unacceptable circumstances in relation to a Deed of Undertaking entered into between Ausdoc Group Ltd and ABN AMRO Capital (Belgium) N. V. on 22 May 2002. The decision relates to an application brought by ASIC on 14 June 2002.

The Panel's decision follows undertakings to the Panel by ABN AMRO and Ausdoc waiving ABN AMRO's right to the break fee under the Deed that would be payable if ABN AMRO did not reach or waive its 90% minimum acceptance condition and there had been no rival bidder for Ausdoc.

Subscribe to