The Panel has declined to conduct proceedings on an application dated 27 July 2018 from Bullseye Mining Limited (an unlisted public company with over 50 members) in relation to its affairs.
The Panel has received an application from GTT Global Opportunities Pty Ltd in relation to the affairs of Baraka Energy and Resources Limited. Baraka has convened a general meeting on 10 August 2018 in response to a notice under section 249D1 from the applicant and other shareholders to consider resolutions to remove all current directors and appoint three new directors.
Details of the application, as submitted by the applicant, are below.
The Panel has received an application from Bullseye Mining Limited in relation to its affairs. Bullseye (an unlisted public company) is currently the subject of an off-market takeover bid by Opus Resources Pty Ltd, a wholly owned subsidiary of Red 5 Limited (ASX:RED).
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 Panel has received an application from Molopo Energy Limited seeking a review of the Panel's decision on final orders in Molopo Energy Limited 10 & 11 (see TP18/53).
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 made a declaration of unacceptable circumstances on 8 June 2018 in relation to an application by Aurora Funds Management Ltd in its capacity as responsible entity of the Aurora Fortitude Absolute Return Fund (Aurora) in relation to the affairs of Molopo Energy Limited (Molopo) (see TP18/42).1
The Panel has been served with a Federal Court application dated 16 July 2018 for judicial review of the Panel's decision in Finders Resources Limited 03R [2018] ATP 11 (see TP18/40). The application was made by Eastern Field Developments Limited under the Administrative Decisions (Judicial Review) Act 1977 (Cth), with the benefit of an ASIC modification omitting s659B(1) of the Corporations Act 2001 (Cth).
The Takeovers Panel today published a revised Guidance Note 1 Unacceptable Circumstances.
The Panel issued a consultation paper in relation to proposed revisions to Guidance Note 1 on 14 March 2018 to give an example of unacceptable circumstances following a last and final statement in relation to a takeover bid. The Panel received submissions from Arnold Bloch Leibler, ASIC, Herbert Smith Freehills, the Law Council,1 MinterEllison and Mr Simon Mordant AM (in his personal capacity).