Finders Resources Limited - Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application dated 1 March 2018 from Eastern Field Developments Limited1 in relation to the affairs of Finders Resources Limited.

Finders is currently the subject of an unconditional off-market takeover bid by Eastern Field.  The application concerned disclosure in the target's statement (see TP18/17).

The Panel requested and considered further material and relied on the following in reaching its decision:

Finders Resources Limited - Panel Receives Application

The Panel has received an application from Eastern Field Developments Limited1 in relation to the affairs of Finders Resources Limited. Finders is currently the subject of an unconditional off-market takeover bid by the applicant.

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.

AWE Limited

Introduction

  1. The Panel, Elizabeth Hallett, Rod Halstead and Ron Malek (sitting President), declined to conduct proceedings on an application by AWE Limited in relation to its affairs. The application concerned bidder’s statement disclosure in relation to an off-market takeover bid by CERCG Aus Gas Pty Ltd for AWE.

Panel Publishes Consultation Paper - Revised Guidance Note 17 on Rights Issues

The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 17 on Rights issues.

The proposed revisions seek to provide clearer guidance about the Panel's approach to rights issues.

The Panel seeks comments from interested persons on the draft Guidance Note by 6 April 2018. Comments should be emailed to takeovers@takeovers.gov.au.

Bulletproof Group Limited

Introduction

  1. The Panel, Shirley In't Veld, Jeremy Leibler and Karen Phin (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Bulletproof Group Limited. The application concerned Bulletproof Group Limited's disclosure in its target's statement (and accompanying independent expert report) in relation to Macquarie Cloud Services Pty Ltd's bid for Bulletproof Group Limited.

Strategic Minerals Corporation NL

Introduction

  1. The Panel, Alex Cartel (sitting President), Bruce Cowley and Neil Pathak, made a declaration of unacceptable circumstances in relation to the affairs of Strategic Minerals Corporation NL. The application concerned QGold Pty Ltd's bid for Strategic Minerals. The Panel considered that a number of factors relating to the bid gave rise to unacceptable circumstances. These included the circumstances connected with a recent placement, the placee's additional on-market purchase of Strategic Minerals shares and the sale of the placee's shares.

Strategic Minerals Corporation NL 04R & 05R - Panel Receives Review Applications

The Panel has received an application from QGold Pty Ltd, and an application from Ms Veronica Oma, seeking a review of the Panel's decision to make final orders in relation to the declaration of unacceptable circumstances the Panel made in relation to the affairs of Strategic Minerals Corporation NL (see TP18/12).

A review Panel has not been appointed at this stage in relation to either application and no decision has been made whether to conduct proceedings.  The Panel makes no comment on the merits of the applications.

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