The review Panel has affirmed the decision of the initial Panel to make a declaration of unacceptable circumstances in Energy Resources of Australia Limited (Annexure A) and varied the initial Panel’s orders (Annexure B).

The review Panel was satisfied that orders prohibiting Rio Tinto¹ from compulsorily acquiring shares in Energy Resources of Australia Limited (ERA) as a consequence of ERA’s entitlement offer would be unfairly prejudicial to Rio Tinto and therefore removed those orders. 

The Review Panel has made interim orders in relation to an application from Rio Tinto Limited, North Limited and Peko-Wallsend Pty Ltd seeking a review of the Panel’s decision in Energy Resources of Australia Limited (ERA), see TP19/78 and TP19/79.

The Panel has received an application from Fast Future Pty Ltd seeking a review of the Panel’s decision in Smoke Alarms Holdings Limited (see TP20/02).

A review 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.

The Panel has made a declaration of unacceptable circumstances (Annexure A) and final orders (Annexure B) in relation to an application dated 3 December 2019 by Greenwich Capital Partners and Anthony Richard Lewis in relation to the affairs of Smoke Alarms Holdings Limited (SAH) (see TP19/73).

Background

SAH is an unlisted public company with more than 50 members. Its directors are Randall Deer, Cameron Davis and Matthew Driscoll.

The Panel has declined to conduct proceedings on an application dated 11 December 2019 on behalf of Cromwell Property Group¹ in relation to Cromwell’s affairs. Cromwell’s listed securities are stapled (ASX: CMW).

The application concerned whether various security holders in Cromwell were associated (see TP19/77).