Accelerate Resources Limited 01 & 02 - Declaration of Unacceptable Circumstances

The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to applications dated 4 March 2020 and 17 March 2020 by GTT Global Opportunities Pty Ltd (see TP20/10 and TP20/17) in relation to the affairs of Accelerate Resources Limited (Accelerate).1

Background

Accelerate is an ASX listed company (ASX code: AX8).

Keybridge Capital Limited 08R - Panel Receives Review Application and Acting President Makes Interim Orders

On 9 April 2020, the Panel received an application from Aurora Funds Management Limited as responsible entity for Aurora Dividend Income Trust, HHY Fund and Aurora Fortitude Absolute Return Funds seeking a review of the Panel’s decision to make a declaration of unacceptable circumstances and orders in relation to the affairs of Keybridge Capital Limited (Keybridge) in Keybridge Capital Limited 04, 05 and 06 (see TP20/23 and TP20/24).

Keybridge Capital Limited 04, 05 & 06 - Declaration of Unacceptable Circumstances

The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to applications dated 18 February 2020 and 28 February 2020 by WAM Active Limited (see TP20/08 and TP20/09) and dated 12 March 2020 by Keybridge Capital Limited (see TP20/14), in each case in relation to the affairs of Keybridge.

Background

The following facts are in summary form (see the declaration for more background).

Appointment of Panel Members

The Takeovers Panel notes the announcement by the Minister for Housing and Assistant Treasurer of the reappointment of 12 members and the appointment of 4 new members to the Panel, for terms of 3 years.

Mr Anthony Jarvis, Ms Kristen Jung, Mr Michael Lishman and Mr James Stewart are new members.

CML Group Limited - Panel Application Withdrawn

The Panel has consented to a request by CML Group Limited to withdraw its application to the Panel dated 9 March 2020 in relation to its affairs (see TP20/11).

The Panel is satisfied that it is not against the public interest to consent to the applicant withdrawing its application.  Given the Panel had not yet made a decision on whether to conduct proceedings, the Panel does not propose to publish reasons in relation to this matter.

Takeovers Panel Relocating to New Premises

The Takeovers Panel has relocated to new premises at Level 16, 530 Collins Street, Melbourne. In the new premises we share a reception with the Melbourne office of the Commonwealth Department of the Treasury (Treasury). 

“We have been planning this move with Treasury for some time and are pleased with how smoothly it has gone in the circumstances”, said the Panel’s director Allan Bulman

Accelerate Resources Limited 02 - President Declines Consent to Review

The Panel has received an application from GTT Global Opportunities Pty Ltd1 seeking the President’s consent to a review of the Panel’s decision to decline interim orders in Accelerate Resources Limited 02.

The President of the Panel has declined to grant consent under section 657EA(2) of the Corporations Act 2001 (Cth) to a review. The Panel will publish the reasons for the President’s decision in due course.

Keybridge Capital Limited 07 - Panel Receives Application

The Panel has received an application from Bentley Capital Limited and Scarborough Equities Pty Ltd in relation to the affairs of Keybridge Capital Limited. Keybridge is the subject of competing takeover bids from WAM Active Limited and Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust (ADIT).

Details of the application, as submitted by the applicants, are below.