Appointment of Panel Members

The Takeovers Panel notes the announcement by the Treasurer of the reappointment of 14 members and the appointment of 3 new members to the Panel for terms of 3 years and additional funding for the Takeovers Panel.

The following members have been appointed: Ms Marina Kelman; Ms Sandy Mak and Mr John Sheahan QC (previously a Panel member from 2014 to 2020).

Thorn Group Limited 01 & 02

Introduction

  1. The Panel, Robin Bishop (sitting President), John McGlue and Neil Pathak, made a declaration of unacceptable circumstances in relation to the affairs of Thorn Group Limited. The applications concerned the effects of applying a dividend reinvestment plan to a large special dividend declared by Thorn and shares under the plan being issued prior to a delayed spill meeting.

Remade Procedural Rules and accompanying Procedural Guidelines take effect

The Panel’s remade Procedural Rules1 and accompanying Procedural Guidelines take effect from today, 1 April 2021, and will apply in respect of all applications made on or after today’s date. The Panel’s remade Procedural Rules and accompanying Procedural Guidelines are available on the Panel’s website on the Procedural Rules page.

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These are the Panel’s reasons for declining the application by AEP Financial Investments Pty Ltd to make a declaration of unacceptable circumstances in relation to the affairs of Wattyl and final orders. The Panel decided not to make a declaration of unacceptable circumstances or final orders having received undertakings to amend the terms of a break fee agreement between Wattyl Limited and Barloworld and having required and approved additional and corrective disclosure by Wattyl to Wattyl shareholders by way of a supplementary target’s statement.

 

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