The review Panel has made interim orders in response to an application for a stay by QGold Pty Ltd of the final orders made by the initial Panel on 15 February 2018 in relation to Strategic Minerals Corporation NL (see TP18/12).

Both QGold and Strategic Minerals have made applications seeking a review of the initial Panel’s decision to make a declaration of unacceptable circumstances in relation to Strategic Minerals (see TP18/08).

The review Panel has stayed the effect of the final orders.

The Panel made a declaration of unacceptable circumstances on 1 February 2018 in relation to an application by Ms Veronica Oma in relation to the affairs of Strategic Minerals Corporations NL (see TP18/06).

The Panel has made final orders (Annexure A), which in effect require (among other things):

The Panel has declined to conduct proceedings on an application dated 2 February 2018 from AWE Limited in relation to its affairs (see TP18/007).

Following compliance with the undertaking from CERCG dated 9 February 2018 (see TP18/011), the Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances.  Accordingly, the Panel declined to conduct proceedings.

The Panel has accepted an undertaking from CERCG Aus Gas Pty Ltd (CERCG) and has made a further interim order in connection with an application by AWE Limited (AWE) dated 2 February 2018 in relation to its affairs (see TP18/007).

AWE is currently the subject of a conditional off-market takeover bid by CERCG to acquire 100% of the shares in AWE for $0.73 cash per share.

The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 19 January 2018 from Macquarie Cloud Services Pty Ltd.  Bulletproof is currently the subject of a conditional off-market takeover bid by the applicant (see TP18/03).

The Panel has made an interim order¹ in connection with an application by AWE Limited (AWE) dated 2 February 2018 in relation to its affairs (see TP18/007).

AWE is currently the subject of a conditional off-market takeover bid by CERCG Aus Gas Pty Ltd (CERCG).

The interim order provides that CERCG must not send copies of its bidder's statement and offer document to AWE shareholders before Monday, 12 February 2018.

The Panel has received an application from Strategic Minerals Corporation NL, and an application from QGold Pty Ltd, seeking a review of the Panel's decision to make a declaration of unacceptable circumstances in relation to Strategic Minerals Corporation NL (see TP18/06).

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.

The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application by Ms Veronica Oma in relation to the affairs of Strategic Minerals Corporation NL (see TP18/01).

Background

Strategic Minerals is currently the subject of an on-market takeover bid by QGold Pty Ltd.  Mr Christopher Wallin is the directing mind and will of QGold.  Mr Wallin is also, and has at all relevant times been, a director of Strategic Minerals.

The Panel has received an application from AWE Limited in relation to its affairs.

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 8 December 2017, CERCG Aus Gas Pty Ltd (CERCG) announced its intention to make an off-market takeover bid for AWE for cash consideration of $0.73 per AWE share.