Strategic Minerals Corporation NL 06

Introduction

  1. The Panel, Rebecca Maslen-Stannage, Tony Osmond (sitting President) and Nicola Wakefield Evans, declined to conduct proceedings on an application by Ms Veronica Oma in relation to the affairs of Strategic Minerals Corporation NL. The application concerned a proposed renounceable entitlement issue by Strategic Minerals likely to result in Strategic Minerals’ controlling shareholder increasing its shareholding above 90% and proceeding to compulsory acquisition.

Keybridge Capital Limited 07 - Panel Application Withdrawn

The Panel has consented to a request from Bentley Capital Limited and Scarborough Equities Pty Ltd to withdraw their application to the Panel dated 16 March 2020 in relation to the affairs of Keybridge Capital Limited (see TP20/16).

The Panel is satisfied that it is not against the public interest to consent to the applicants withdrawing their application. The Panel will publish its reasons for the decision to consent to the withdrawal in due course.

Panel Publishes Public Consultation Response Statement to Revised Guidance Note 20 on Equity Derivatives

The Takeovers Panel today published its Public Consultation Response Statement to revised Guidance Note 20 Equity Derivatives.  

The Panel issued a consultation paper on proposed amendments of Guidance Note 20 on 10 April 2020.  The Panel received submissions from ASIC, AFMA, Blackrock, Deutsche Bank, Mr Rod Halstead (in his own capacity), Herbert Smith Freehills, the Law Council,1 Minter Ellison, Norges Bank and Simmons & Simmons.

Accelerate Resources Limited 01 & 02

Introduction

  1. The Panel, Shirley In’t Veld, Jeremy Leibler and John O’Sullivan (sitting President), made a declaration of unacceptable circumstances in relation to the affairs of Accelerate Resources Limited. The two applications (heard together) were made in the context of a requisitioned general meeting and concerned (among other things), a contravention of section 6061 as a result of shareholder support deeds entered into between Accelerate and certain shareholders.

Keybridge Capital Limited 07 - Panel Makes Interim Orders

The Panel has made interim orders1 in relation to the application dated 16 March 2020 by Bentley Capital Limited and Scarborough Equities Pty Limited in relation to the affairs of Keybridge Capital Limited (see TP20/16). The matter is currently suspended until the earlier of the determination of the Keybridge Capital Limited 08R, 09R and 10R proceedings and further determination of the Panel lifting the suspension.

Keybridge Capital Limited 04, 05 & 06

  1. The Panel, Chelsey Drake, Bruce McLennan and Sharon Warburton (sitting President), made a declaration of unacceptable circumstances in relation to the affairs of Keybridge Capital Limited. Keybridge was 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).

Strategic Minerals Corporation NL 06 - Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application dated 20 April 2020 from Ms Veronica Oma in relation to the affairs of Strategic Minerals Corporation NL.

The application concerned a proposed renounceable entitlement issue by Strategic Minerals of two shares for every fifteen shares at an offer price of $0.36 per share to raise up to $4,122,818 (see TP20/28).

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