Keybridge Capital Limited 14 - Panel Receives Application

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.

Details

On 28 April 2020, WAM Active announced an unconditional takeover bid for Keybridge.

Keybridge Capital Limited 04, 05 & 06 - Variation of Orders

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.

Keybridge Capital Limited 11, 12 & 13

Introduction

  1. The Panel, Teresa Dyson, Michael Lishman and David Williamson (sitting President) affirmed ASIC’s decisions to grant relief to WAM Active Limited in relation to its bid for all the ordinary shares in Keybridge Capital Limited and declined to make a declaration of unacceptable circumstances in relation to the affairs of Keybridge.1
  2. In these reasons, the following definitions apply.
ASIC
Australian Securities and Investm

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).
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