Lincoln Minerals Limited 04R - Review Panel Decision
The review Panel has affirmed the decision of the initial Panel not to make a declaration of unacceptable circumstances in Lincoln Minerals Limited 02 & 03 (see TP22/62).
Lincoln Minerals Limited 02 & 03
Introduction
- The Panel, Kristen Jung, Bill Koeck and Tony Osmond (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Lincoln Minerals Limited. The applications (heard together) concerned a pro‑rata rights issue by Lincoln to eligible shareholders and a takeover bid for Lincoln by Quantum, one of the applicants.
Panel Publishes Consultation Paper - Revised Guidance Note 7 on Lock-up Devices
The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 7 on Lock‑up devices (proposed to be renamed to “Deal protection”).
The proposed revisions seek to (among other things) clarify the Guidance Note’s application to deal protection devices entered into in respect of non‑binding proposals, including to provide guidance on the Panel’s approach to ‘hard’ exclusivity arrangements.
Panel Publishes Consultation Paper - Revised Guidance Note 19 on Insider Participation in Control Transactions
The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 19 on Insider Participation in Control Transactions.
The proposed revisions seek to (among other things) clarify the scope and policy bases of the Guidance Note with references to recent Panel decisions.
The Panel seeks comments from interested persons on the draft Guidance Note by Tuesday, 28 February 2023. Comments should be emailed to takeovers@takeovers.gov.au.
Takeovers Panel redesigned website launch
The Takeovers Panel has today launched its redesigned website. It is now live and located at the same address: www.takeovers.gov.au.
The completely redesigned user interface and layout improves the readability of the site. It is now easier to navigate and find material and resources including through direct links to related content and a newly added search feature. The new site has also been optimised for use on mobile devices.
CD Private Equity Fund II
Introduction
- The Panel, Yasmin Allen (sitting President), Marissa Freund and Ian Jackman SC, declined to conduct proceedings on an application in relation to the affairs of CD Private Equity Fund II. The application concerned the proposed merger of the fund by way of a trust scheme of arrangement. The proposed merger was withdrawn shortly after the application was made.
Lincoln Minerals Limited 04R - Panel Receives Review Application
The Panel has received an application from Quantum Graphite Limited seeking a review of the Panel’s decision in Lincoln Minerals Limited 02 & 03 (see TP22/62).
A review 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.
Lincoln Minerals Limited 02 & 03 - Panel Declines to Make a Declaration
The Panel has declined to make a declaration of unacceptable circumstances in response to applications dated 27 October 2022 and 31 October 2022 from Olary Holdings Limited and Quantum Graphite Limited (respectively) in relation to the affairs of Lincoln Minerals Limited (Lincoln).
Mineral Commodities Limited 02 - Declaration of Unacceptable Circumstances and Undertakings
The Panel has made a declaration of unacceptable circumstances (Annexure A) and accepted undertakings in lieu of making final orders1 (Annexure B and Annexure C) in relation to an application dated 17 October 2022 by Simto Resources Pty Ltd in relation to the affairs of Mineral Commodities Limited (see TP22/55).
CD Private Equity Fund II - Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 27 October 2022 from Baauer Pty Ltd atf the Baauer Family Trust in relation to the affairs of CD Private Equity Fund II (CD2).