The Takeovers Panel has today published a revised Guidance Note 7 (GN 7) on Deal Protection (previously named Lock‑up Devices) and a revised Guidance Note 19 (GN 19) on Insider Participation in Control Transactions. This is the fifth issue and third issue of the guidance notes, respectively.
The Panel has declined to conduct proceedings on an application dated 7 July 2023 from Dawney & Co Ltd in relation to the affairs of Benjamin Hornigold Limited (ASX: BHD).
The Panel has received an application from Dawney & Co Ltd in relation to the affairs of Benjamin Hornigold Limited (ASX: BHD).
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.
BHD is a listed investment company and has three directors, being Michael Glennon, Sulieman Ravell and Gary Miller (the Directors).
The review Panel has affirmed the decision of the initial Panel not to make a declaration of unacceptable circumstances in A S P Aluminium Holdings Pty Ltd (see TP23/21).
The Panel has made final orders (Annexure A) in relation to an application dated 6 February 2023 by UIL Limited in relation to the affairs of The Market Herald Limited (TMH) (see TP23/08).
The Panel has received an application from Villefranche Investments Pty Limited as trustee of the Gates Family Trust seeking a review of the Panel’s decision in A S P Aluminium Holdings Pty Ltd (see TP23/21).
The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 2 May 2023 from Villefranche Investments Pty Limited as trustee of the Gates Family Trust in relation to the affairs of A S P Aluminium Holdings Pty Ltd (see TP23/17).
The Panel considered (among other matters) that: