Ignite Limited – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 6 February 2024 from Ignite Limited in relation to its affairs.
Tempus Resources Limited 02R
Introduction
- The review Panel, Alex Cartel (sitting President), Teresa Dyson and Diana Nicholson declined to conduct proceedings on an application by Mr Matthew Bull to review the decision of the initial Panel to decline to conduct proceedings in Tempus Resources Limited.1 The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.
- In these reasons, the following definitions apply.
- AGM
- Tempus’s annual general meeting held on
Ignite Limited – Panel Receives Application
The Panel has received an application from Ignite Limited (ASX: IGN) (Ignite) in relation to its affairs.
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.
Mighty Kingdom Limited
Introduction
- The Panel, Bill Koeck (sitting President), Emma-Jane Newton and James Stewart, declined to make a declaration of unacceptable circumstances in relation to the affairs of Mighty Kingdom Limited (Mighty Kingdom).
Mighty Kingdom Limited – Contravention of Procedural Rules
The Panel has become aware of statements made and disseminated by Mr Shane Yeend prior to Mighty Kingdom Limited’s extraordinary general meeting on Friday, 19 January 2024 in relation to the Panel proceedings in the matter of Mighty Kingdom Limited (see TP23/45) to which Mr Yeend was a party (the Statements).
Tempus Resources Limited
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Introduction
- The Panel, Alberto Colla, Sarah Rennie and Sharon Warburton (sitting President), declined to conduct proceedings on an application by Mr Matthew Bull in relation to the affairs of Tempus Resources Limited. The application concerned a rights issue announced by Tempus on 29 November 2023, being around the time that the applicant and others gave ss 203D1 and 249D notices to the company.
Standing Before the Panel – Changes to Pro-forma Application and Proposed Changes to Procedural Guidelines
Following discussions with the Corporations Committee of the Business Law Section of the Law Council of Australia, the Panel has amended its pro‑forma application to explicitly address the issue of standing of applicants before the Panel, by requiring an applicant to explain how its interests are affected by the relevant circumstances identified in the application under section 657C(2).
A copy of the updated version of the pro‑forma application is available on the Panel's website.
Southern Cross Media Group Limited 02R & 03R – Decision on Orders
The review Panel has set aside the initial Panel’s orders and made new orders (Annexure A). The review Panel previously affirmed the initial Panel’s decision to make a declaration of unacceptable circumstances (see TP23/46) in relation to the acquisition of 6.83% of Southern Cross Media Group Limited shares in contravention of s606 (the Relevant Shares).
Takeovers Panel Office Manager
After serving nearly 16 years in the role as Office Manager at the Panel, Karolina Ksiezak has decided to pursue a new opportunity at the Federal Department of Finance from February.
Karolina has made an outstanding contribution to the Panel in undertaking a variety of activities including dealing with the logistics of Panel days, liaison with the Department of Treasury in relation to finance, recruitment and procurement, and taking a leadership role in administration.
Tempus Resources Limited 02R – Review Panel Declines to Conduct Proceedings
The review Panel has declined to conduct proceedings on a review application dated 11 January 2024 from Mr Matthew Bull seeking a review of the initial Panel’s decision to decline to conduct proceedings in Tempus Resources Limited (see TP24/02).
The review Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.