Keybridge Capital Limited 14 - Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 11 September 2020 from WAM Active Limited in relation to the affairs of Keybridge Capital Limited.
The Panel has declined to conduct proceedings on an application dated 11 September 2020 from WAM Active Limited in relation to the affairs of Keybridge Capital Limited.
On the application of Aurora Funds Management Ltd as responsible entity for the Aurora Fortitude Absolute Return Fund and Aurora Global Income Trust (Aurora), the Panel has varied the Panel’s orders in Molopo Energy Limited 03R, 04R & 05R.1 Among other things, the orders vested certain shares in Molopo Energy Limited (Molopo) held by Aurora and Keybridge Capital Limited (Keybridge) in ASIC for sale.
The Panel has received an application dated 11 September 2020 from WAM Active Limited (ASX: WAA) in relation to the affairs of Keybridge Capital Limited (ASX: KBC).
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.
On 28 April 2020, WAM Active announced an unconditional takeover bid for Keybridge.
On the application of WAM Active Limited, the Panel has varied the Panel’s orders in Keybridge Capital Limited 04, 05 & 06 (see TP20/24). These orders were previously affirmed by the Panel in Keybridge Capital Limited 08R, 09R & 10R (see TP20/34). Relevantly, the orders give persons who accepted into WAM Active’s off-market takeover bid for Keybridge,1 and who had their acceptances processed, a reversal right.
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).
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.
The Panel, in response to applications dated 24 July 2020 from Keybridge Capital Limited (see TP20/49), has: