Wollongong Coal Limited 02
Introduction
- The Panel, Teresa Dyson, Michelle Jablko (sitting President) and Michael Lishman, declined to conduct proceedings on an application by Mr Gordon Elkington in relation to the affairs of Wollongong Coal Limited.
PM Capital Asian Opportunities Fund Limited 03R & 04R
Introduction
- The Panel, Alex Cartel (sitting President), Rebecca Maslen-Stannage and John Sheahan QC affirmed the declaration and varied the orders made by the initial Panel in relation to the affairs of PM Capital Asian Opportunities Fund Limited.1 The review Panel agreed with the initial Panel’s conclusions, for substantially the same reasons, but varied the orders to deal with the change of circumstances, including the desire by parties associated with Mr Paul Moore to accept the bid by WAM Capital Limited.
Nex Metals Explorations Ltd 06 – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 24 May 2022 from Nex Metals Explorations Ltd (ASX:NME) in relation to its affairs. Nex Metals is the subject of an off-market scrip takeover bid from Metalicity Ltd (ASX:MCT).
The application raised concerns with the ongoing disclosure in respect to the takeover offer by Metalicity, including lack of disclosure of the implied value of the offer following material changes to the parties’ respective share prices and the completion of an entitlement offer by Metalicity.
DRA Global Limited – Costs Order
The Panel has made orders (Annexure A) requiring DRA Global Limited, Alistair Hodgkinson, Darren Naylor, James Smith and Brian Dowding to pay the fair and reasonable costs incurred by the applicant, Haydn von Maltitz, in connection with the proceedings in DRA Global Limited (see TP22/39 and TP22/41).
Nex Metals Explorations Ltd 05 – Costs Order
The Panel has made orders (Annexure A) requiring Nex Metals Explorations Ltd to pay part of the costs of the applicant, Metalicity Ltd, in Nex Metals Explorations Ltd 05 (see TP22/34).
The sitting Panel was Elizabeth Hallett (sitting President), Christian Johnston and Rob McKenzie.
The Panel will publish its reasons for the decision in due course on its website.
Nex Metals Explorations Ltd 06 – Panel Receives Application
The Panel has received an application from Nex Metals Explorations Ltd (ASX: NME) in relation to its affairs. Nex Metals is the subject of an off-market scrip takeover bid from Metalicity Ltd (ASX: MCT).
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.
Virtus Health Limited 06R – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on a review application dated 10 May 2022 from Virtus Health Limited (Virtus) in relation to its affairs. The application sought a review of the initial Panel’s decision in Virtus Health Limited 05 (see TP21/38).
DRA Global Limited - Orders
The Panel has made final orders (Annexure A) in relation to an application dated 21 March 2022 by Haydn von Maltitz in relation to the affairs of DRA Global Limited (DRA) (see TP22/24).
Virtus Health Limited 06R – Panel Receives Review Application
The Panel has received an application from Virtus Health Limited seeking a review of the Panel’s decision in Virtus Health Limited 05 (see TP22/38).
The President of the Panel has consented to the application for review under section 657EA(2) of the Corporations Act 2001 (Cth).
DRA Global Limited – Declaration of Unacceptable Circumstances
The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 21 March 2022 by Haydn von Maltitz in relation to the affairs of DRA Global Limited (DRA) (see TP22/24).
Background
DRA is an ASX listed company (ASX/JSE: DRA).