PM Capital Asian Opportunities Fund Limited 03R & 04R – Decision

The review Panel has affirmed the decision of the initial Panel to make a declaration of unacceptable circumstances in PM Capital Asian Opportunities Fund Limited 01 and varied the initial Panel’s orders (see Annexure A).

On 7 December 2021, the Panel received separate applications from each of Paul Moore (and his associated entities) and PM Capital Limited seeking a review of the initial Panel’s decision in PM Capital Asian Opportunities Fund Limited 01 (see TP 21/45).

Smoke Alarms Holdings Limited 03 – Panel Receives Application

The Panel has received an application from Mr Anthony Richard Lewis and Greenwich Capital Partners Pty Ltd (the Applicants) in relation to the affairs of Smoke Alarms Holdings Ltd (SAS).

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.

Details

SAS is a company which the Applicants say has more than 50 members.

Bullseye Mining Limited 03 – Panel Receives Application

The Panel has received an application from Hongkong Xinhe International Investment Company Limited in relation to the affairs of Bullseye Mining Limited. Bullseye is currently the subject of a recommended off‑market takeover bid by Emerald Resources NL (ASX: EMR).

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.

Wollongong Coal Limited 02 – Panel Receives Application

The Panel has received an application from Mr Gordon Elkington in relation to the affairs of Wollongong Coal Limited. The application concerns an independent expert’s report provided in the context of a compulsory acquisition under Chapter 6A commenced by the major shareholder of Wollongong.

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.

Nex Metals Explorations Ltd 04R

Introduction

  1. The review Panel, Amy Alston, Alex Cartel (sitting President) and John Sheahan QC, declined to conduct proceedings on an application by Nex Metals to review the decision of the initial Panel to decline to conduct proceedings in Nex Metals Explorations Ltd 03.1
  2. In these reasons, the following definitions apply.
    Accountant
    has the meaning given in paragraph 10(a)
    Advisor
    the firm of the Alleged Agent
    Alleged Agent
    has the

Nex Metals Explorations Ltd 03

Introduction

  1. The Panel, Marina Kelman, Michael Lishman, and Karen Phin (sitting President), declined to conduct proceedings on an application by Nex Metals Explorations Ltd in relation to its affairs. Nex Metals had submitted (in effect) that following the making of Metalicity’s bid, an agent of Metalicity had engaged in conduct that constituted a breach of sections 619(1) and 623.1 The Panel considered that insufficient material had been provided to support the Panel conducting proceedings.

Nex Metals Explorations Ltd

Introduction

  1. The Panel, Marina Kelman, Michael Lishman and Karen Phin (sitting President) made a declaration of unacceptable circumstances in relation to the affairs of Nex Metals Explorations Ltd. Nex Metals is the subject of a conditional off-market scrip bid by Metalicity Ltd. The Panel considered that the proposed Rights Issue by Nex Metals was a frustrating action in respect of Metalicity’s Bid and that Nex Metals shareholders had not been given sufficient information to enable them to consider the merits of the Rights Issue and the Bid.
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