The Takeovers Panel today announced that it had ordered Smorgon Distribution Ltd (Smorgon) to delay until 5.00 p.m. on 19 May the dispatch of the bidder's statement in relation to its offers for all of the ordinary shares in Email Ltd (Email). Amongst other things, Email had applied to the Panel for an interim order under section 657E of the Corporations Law (Law) for dispatch of the bidder's statement to be restrained.
The first Takeovers Panel Review Panel today announced that it had ordered Smorgon Distribution Ltd (Smorgon) to delay until 5.00 p.m. on Monday 22 May the dispatch of the bidder’s statement in relation to its offers for all of the ordinary shares in Email Ltd (Email). Amongst other things, Email had applied to the Panel for an interim order under section 657E of the Corporations Law (Law) for dispatch of the bidder’s statement to be restrained until Email’s application had been fully resolved.
The Takeovers Panel has received an application in relation to the offer by Smorgon Distribution Ltd (Smorgon) for all of the ordinary shares in Email Ltd (Email), and in relation to Smorgon's proposed bidders' statement in its bid for Email. Ms Nerolie Withnall, acting President of the Corporations and Securities Panel, has appointed three Panel members to constitute the sitting Panel in relation to the application which was made by Email.
In the matter of INFRATIL AUSTRALIA LIMITED
And an application under section 656A of the Corporations Law by AUSTRALIAN INFRASTRUCTURE MANAGEMENT LIMITED and HASTINGS FUNDS MANAGEMENT LIMITED, for review of a decision by the AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
The Takeovers Panel today advised that it has decided not to make a declaration of unacceptable circumstances in relation to the bidder's statement of Australian Infrastructure Fund Limited (AIF ) in its bid for Infratil Australia Limited (Infratil ). The decision means that AIF will be able to dispatch its bidder's statement from the same date, 10 May, 2000, as it would have been able to after it lodged a revised bidder's statement with ASIC on 26 April, 2000.
And an application under section 657C of the Corporations Law by INFRATIL AUSTRALIA LIMITED for a declaration of unacceptable circumstances
Mr Brett Heading, the President of the first sitting Panel announced today that the Panel has determined its first application, which was lodged on 1 May, 2000. The Panel affirmed a decision by ASIC.
The Panel has received two applications which relate to the takeover bid by Australian Infrastructure Fund Limited and Hastings Funds Management Limited (together the bidders ) for Infratil Australia Limited (Infratil ).
The Takeovers Panel has received its first applications. Mr Simon McKeon, President of the Corporations and Securities Panel, said that he has appointed the first Panel under the new takeovers regime that came into operation on 13 March 2000.
The Panel has been convened to hear two applications which relate to the takeover bid by Australian Infrastructure Fund Limited and Hastings Funds Management Limited (together the bidders ) for Infratil Australia Limited (Infratil ).
The Corporations and Securities Panel (the Takeovers Panel) today released a policy about the minimum price requirement of the Corporations Law (s.621(3)) and some aspects of valuing listed securities offered as consideration under takeover bids. Under the minimum price requirement, a bidder must offer the same value, in cash or securities, as the highest price the bidder or an associate paid for bid class securities, in the four months before the bid.
Mr Peter Lee, Deputy Director General of the London Takeover Panel, spoke with the executive and President of the Corporations and Securities Panel (CSP) and local takeover practitioners today.
Mr Lee is in Australia as a guest of the CSP and of the Securities Institute of Australia, to give evidence to the Parliamentary Joint Committee on Corporations and Securities on the operation of the mandatory bid rule under the City Code.