The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 2 February 2022 by BGH Capital Pty Ltd in its capacity as manager or adviser to each of the constituent entities of the BGH Capital Fund I (BGH) in relation to the affairs of Virtus Health Limited (ASX: VRT) (Virtus) (see TP22/10).
On an application from Nex Metals Explorations Ltd, the Panel has made a further variation to its additional orders (which were varied on 21 January 2022) made in Nex Metals Explorations Ltd 02 (see TP21/48 and TP22/08). Nex Metals is currently the subject of an off-market scrip takeover bid from Metalicity Ltd.
The Panel has received an application from Olary Holdings Limited in relation to the affairs of Lincoln Minerals Limited (LML). The application concerns, among other things, the proposed issue by LML of shares on conversion of convertible notes to its major shareholder.
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.
The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application by Hongkong Xinhe International Investment Company Limited in relation to the affairs of Bullseye Mining Limited (see TP 22/02).
Bullseye is the subject of a recommended off-market takeover bid by Emerald Resources NL (ASX: EMR).
The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 5 January 2022 from Mr Anthony Richard Lewis and Greenwich Capital Partners Pty Ltd. The application concerned a pro-rata entitlement offer to eligible shareholders launched by Smoke Alarms (see TP22/03).
The Panel has received an application from BGH Capital Pty Ltd in its capacity as manager or adviser to each of the constituent entities of the BGH Capital Fund I (BGH) in relation to Virtus Health Limited (ASX: VRT). VRT is the subject of competing control proposals made by BGH and CapVest Partners LLP (CapVest).
Details of the application, as submitted by BGH and from public announcements, are below.
The Panel has declined to conduct proceedings on an application from Mr Gordon Elkington in relation to the affairs of Wollongong Coal Limited (Wollongong) (see TP22/01) after accepting undertakings from BDO Corporate Finance (WA) Pty Limited (BDO) and Jindal Steel & Power (Mauritius) Limited (Jindal).
On an application from Nex Metals Explorations Ltd, the Panel has varied its additional orders made in Nex Metals Explorations Ltd 02 (see TP21/48). Nex Metals is currently the subject of an off-market scrip takeover bid from Metalicity Ltd.
The Panel received a request from Nex Metals Explorations Ltd for an extension to lodge its Replacement Target’s Statement in relation to Metalicity Ltd’s off‑market scrip bid for Nex Metals pursuant to Order 3 of the Panel’s additional orders dated 17 December 2021 (see Annexure A).
The Panel has decided to consent to a one week extension which gives Nex Metals until Friday, 21 January 2022 to lodge its Replacement Target’s Statement.
The sitting Panel was Marina Kelman, Michael Lishman and Karen Phin (sitting President).
The review Panel has further varied the orders of the initial Panel (see TP22/04) to delete order 1.