Alto Metals Limited - Declaration of Unacceptable Circumstances and Orders

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 14 July 2020 by Habrok (Alto) Pty Ltd in relation to the affairs of Alto Metals Limited (see TP20/43).

Background

On 10 July 2020, Habrok lodged a bidder’s statement in respect of a previously announced unconditional all-cash off-market takeover bid for 100% of the ordinary shares and options in Alto which it does not currently own for 6.6 cents per share.

Webster Limited

Introduction

  1. The Panel, Bruce Cowley (sitting President), John McGlue and David Williamson, declined to make a declaration of unacceptable circumstances on an application by a preference shareholder of Webster Limited in relation to its affairs.

Moreton Resources Limited (Administrators Appointed) 02 (Consent to Review)

Introduction

  1. The substantive President of the Panel, Alex Cartel, declined to grant consent to an application for review of a decision of the sitting Panel to decline to conduct proceedings in Moreton Resources Limited (Administrators Appointed) 02.
  2. In these reasons, the following definitions apply.
    Administrators
    Messrs Grant Sparks and David Orr from Deloitte in their capacity as joint and several administrators of Moreton and its subsidiaries
    Applicant

Virgin Australia Holdings Limited (Administrators Appointed) 02

Introduction

  1. The Panel, Michael Borsky QC, Richard Hunt (sitting President) and Bill Koeck, consented to a request from Broad Peak Investment Advisers Pte. Ltd. (for and on behalf of Broad Peak Master Fund II Limited and Broad Peak Asia Credit Opportunities Holdings Pte. Ltd) and Tor Investment Management (Hong Kong) Ltd to withdraw their application in relation to the affairs of Virgin Australia Holdings Limited (Administrators Appointed).

Adavale Resources Limited - Panel Application Withdrawn

The Panel has consented to a request by Mr Matthew Boysen to withdraw his application to the Panel dated 23 July 2020 in relation to the affairs of Adavale Resources Limited (see TP20/48).

On 29 July 2020, Adavale Resources announced the withdrawal of its previously announced fully underwritten non-renounceable rights issue. The Panel is satisfied that it is not against the public interest to consent to the applicant withdrawing his application.

Keybridge Capital Limited 11, 12 & 13 - Panel Receives Application

The Panel has received an application from Keybridge Capital Limited in relation to its affairs and an application from Keybridge in relation to a review of an ASIC decision made under section 655A.1

Details of the applications, 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 applications.

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