Alto Metals Limited

Introduction

  1. The Panel, Kelvin Barry, Paula Dwyer (sitting President) and Rory Moriarty, made a declaration of unacceptable circumstances in relation to the affairs of Alto Metals Limited. The application concerned (among other things) whether an entitlement offer announced by Alto operated to stymie an unconditional takeover bid made by Habrok (Alto) Pty Ltd.

Remaking of Procedural Rules - Panel Releases Consultation Draft

The Panel has conducted a review of its Procedural Rules and has published a draft set of remade rules on its website for public consultation.

The Panel’s current Procedural Rules are due to sunset on 1 April 2021.  Given the Panel’s preliminary view that the existing Procedural Rules are operating effectively and efficiently, the Panel proposes to remake the Procedural Rules in a new instrument prior to the sunset date without significant changes. 

Molopo Energy Limited 03R, 04R & 05R Variation - Variation of Orders

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.

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.
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