The Takeovers Panel notes the announcement by the Minister for Housing and Assistant Treasurer of the reappointment of 12 members and the appointment of 4 new members to the Panel, for terms of 3 years.
Mr Anthony Jarvis, Ms Kristen Jung, Mr Michael Lishman and Mr James Stewart are new members.
The Panel has consented to a request by CML Group Limited to withdraw its application to the Panel dated 9 March 2020 in relation to its affairs (see TP20/11).
The Panel is satisfied that it is not against the public interest to consent to the applicant withdrawing its application. Given the Panel had not yet made a decision on whether to conduct proceedings, the Panel does not propose to publish reasons in relation to this matter.
The Takeovers Panel has relocated to new premises at Level 16, 530 Collins Street, Melbourne. In the new premises we share a reception with the Melbourne office of the Commonwealth Department of the Treasury (Treasury).
“We have been planning this move with Treasury for some time and are pleased with how smoothly it has gone in the circumstances”, said the Panel’s director Allan Bulman.
The Panel has received an application from GTT Global Opportunities Pty Ltd1 seeking the President’s consent to a review of the Panel’s decision to decline interim orders in Accelerate Resources Limited 02.
The President of the Panel has declined to grant consent under section 657EA(2) of the Corporations Act 2001 (Cth) to a review. The Panel will publish the reasons for the President’s decision in due course.
The Panel has received an application from Bentley Capital Limited and Scarborough Equities Pty Ltd in relation to the affairs of Keybridge Capital Limited. Keybridge is 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).
Details of the application, as submitted by the applicants, are below.
The Panel has received an application from GTT Global Opportunities Pty Ltd1 in relation to the affairs of Accelerate Resources Limited.
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.
The Acting President of the Panel has made interim orders1 in response to an application for interim orders dated 13 March 2020 by WAM Active Limited in relation to the affairs of Keybridge Capital Limited. WAM Active has also undertaken to make an application to the Panel in relation to the affairs of Keybridge Capital Limited. The Panel will issue a media release detailing that application once it is received.
The Panel has received an application from Keybridge Capital Limited in relation to its affairs. Keybridge is the subject of competing takeover bids from WAM Active Limited and Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust.
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.
Tomorrow marks the 20 year anniversary of the Takeovers Panel’s role as the main forum for resolving takeover disputes in Australia. The Panel in its current form commenced on 13 March 2000.
Alex Cartel, Panel President, said: