Sequoia Financial Group Limited

Introduction

  1. The Panel, Con Boulougouris, Stephanie Charles and Denise McComish (sitting President) made a declaration of unacceptable circumstances in relation to the affairs of Sequoia Financial Group Limited. The matter concerned an alleged association of parties ahead of a section 249D1 requisitioned meeting to remove directors and appoint others. The Panel found the alleged association established and that there had been acquisitions of shares in contravention of section 606.

AIMS Property Securities Fund 04 – Panel Receives Application

The Panel has received an application from Benjamin Graham atf the Graham Family Trust and Warwick Sauer in his personal capacity and as a director of Baauer Pty Ltd atf the Baauer Family Trust (together, the Applicants) in relation to the affairs of AIMS Property Securities Fund (APW). The application concerns alleged undisclosed associations between certain unitholders in APW.

Details of the application, as submitted by the Applicants, are below.

Locality Planning Energy Holdings Limited

Introduction

  1. The Panel, Michael Borsky KC, Marina Kelman and Karen Phin (sitting President) declined to make a declaration of unacceptable circumstances on an application by River Capital Pty Ltd1 in relation to the affairs of Locality Planning Energy Holdings Limited. The application concerned the acquisition of Locality shares following the announcement of an off-market bid by River Capital for Locality shares it did not own but before the release of Locality’s target’s statement.

Maronan Metals Limited

Introduction

  1. The Panel, John McGlue (sitting President), Emma-Jane Newton and James Stewart, declined to conduct proceedings on an application by Mr Benjamin Pauley in relation to the affairs of Maronan Metals Limited. The application concerned certain trading in Maronan shares prior to the announcement of Maronan’s placement and share purchase plan on 16 May 2024.

Sierra Rutile Holdings Limited

Introduction

  1. The Panel, Louise Higgins, Ruth Higgins SC and Timothy Longstaff (sitting President) declined to conduct proceedings on an application by PRM Services LLC in relation to the affairs of Sierra Rutile Holdings Limited. The application concerned allegations that certain shareholders of Sierra were associated and were acting together to influence its affairs, in particular in relation to the recommencement of certain mining operations and voting for the appointment of directors at an AGM.

Ringers Western Limited 02R – Review Panel Affirms Declaration of Unacceptable Circumstances and Agrees with Orders

The review Panel has affirmed the initial Panel’s decision to make a declaration of unacceptable circumstances in Ringers Western Limited (see TP24/033).

On 6 June 2024 the President of the Panel made interim orders that, among other things, stayed the initial Panel’s final orders cancelling 687,959,705,932 shares in Ringers Western Limited (see TP24/034).

Locality Planning Energy Holdings Limited – Panel Accepts Undertakings and Declines to Make Declaration

Following the offering of undertakings by 2 of the directors of Locality Planning Energy Holdings Limited (ASX:LPE) and companies connected with them, to address concerns of the Panel, the Panel declined to make a declaration of unacceptable circumstances in response to an application dated 28 May 2024 from River Capital Pty Limited1 in relation to the affairs of Locality (see TP24/028).

Locality is currently the subject of an off‑market takeover bid by River Capital.

Ringers Western Limited

Introduction

  1. The Panel, Marissa Freund, Neil Pathak and Nicola Wakefield Evans (sitting President), made a declaration of unacceptable circumstances in relation to the affairs of Ringers Western Limited. The application concerned an issue of shares in contravention of section 6061 by Ringers Western. The Panel declared the circumstances unacceptable having regard to (among other things) the effect the contraventions were likely to have on the control or potential control of Ringers Western.

Westgold Resources Limited – Panel Accepts Undertakings and Declines to Make a Declaration

The Panel has accepted undertakings from Westgold Resources Limited (Westgold) and Karora Resources Inc. (Karora) (see Annexure) and declined to make a declaration of unacceptable circumstances in response to an application dated 27 May 2024 from Ramelius Resources Limited (Ramelius) in relation to the affairs of Westgold (see TP24/29).

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