The Panel has consented to a request from Bentley Capital Limited and Scarborough Equities Pty Ltd to withdraw their application to the Panel dated 16 March 2020 in relation to the affairs of Keybridge Capital Limited (see TP20/16).

The Panel is satisfied that it is not against the public interest to consent to the applicants withdrawing their application. The Panel will publish its reasons for the decision to consent to the withdrawal in due course.

The Panel has declined to conduct proceedings on an application dated 19 May 2020 from Aura Energy Limited in relation to its affairs.

The application concerned whether certain shareholders in Aura Energy were associated (see TP20/33).

The Takeovers Panel today published its Public Consultation Response Statement to revised Guidance Note 20 Equity Derivatives.  

The Panel issued a consultation paper on proposed amendments of Guidance Note 20 on 10 April 2020.  The Panel received submissions from ASIC, AFMA, Blackrock, Deutsche Bank, Mr Rod Halstead (in his own capacity), Herbert Smith Freehills, the Law Council,¹ Minter Ellison, Norges Bank and Simmons & Simmons.

The Panel has received an application dated 19 May 2020 from Aura Energy Limited in relation to its affairs.

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 review Panel has affirmed the decision of the initial Panel to make a declaration of unacceptable circumstances in Keybridge Capital Limited 04, 05 & 06 (see TP20/23) and orders (see TP20/24).

The Panel has made interim orders¹ in relation to the application dated 16 March 2020 by Bentley Capital Limited and Scarborough Equities Pty Limited in relation to the affairs of Keybridge Capital Limited (see TP20/16). The matter is currently suspended until the earlier of the determination of the Keybridge Capital Limited 08R, 09R and 10R proceedings and further determination of the Panel lifting the suspension.

The Panel has declined to conduct proceedings on an application dated 20 April 2020 from Ms Veronica Oma in relation to the affairs of Strategic Minerals Corporation NL.

The application concerned a proposed renounceable entitlement issue by Strategic Minerals of two shares for every fifteen shares at an offer price of $0.36 per share to raise up to $4,122,818 (see TP20/28).

The President has made interim orders in relation to an application from Ms Veronica Oma in relation to the affairs of Strategic Minerals Corporation NL (see TP20/28).

The interim orders state that Strategic Minerals must immediately take all action necessary, in relation to its renounceable entitlement offer made under Strategic Minerals’ prospectus dated 3 April 2020, to: