The Panel has declined to conduct proceedings on an application dated 29 March 2018 from Auris Minerals Limited in relation to its affairs.

The application concerned the alleged association of several shareholders, including the Mandevilla Requisitioning Shareholders (see TP18/24), and Mr Rob Martin (a director of Auris) and the disclosure of voting power in substantial holding notices.

The initial Panel made a declaration of unacceptable circumstances on 1 February 2018 and final orders on 15 February 2018 (see TP18/06 and TP18/12).  The review Panel varied the declaration of unacceptable circumstances and affirmed the initial Panel’s orders on 2 March 2018 (see TP 18/18).

The Panel received late on Thursday 29 March 2018 an application from Auris Minerals 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.

The Takeovers Panel notes the announcement by the Minister for Revenue and Financial Services of the reappointment of 12 members and the appointment of 3 new members to the Panel, for terms of 3 years commencing on 30 April 2018.

The President and Panel executive warmly welcome the new members and thank those members whose terms have ended.

On 30 April 2018, the Panel will have 43 members all of whom are appointed on a part-time basis.  Details of the appointments are attached.

The Panel has received an application from the Australian Securities and Investments Commission in relation to the affairs of Finders Resources Limited.  Finders is currently the subject of an unconditional off-market takeover bid by Eastern Field Developments Limited¹ to acquire all Finders shares for a final offer price of $0.23 per share.  The offer is scheduled to close tomorrow (the Good Friday public holiday), unless extended.

Details of the application, as submitted by the applicant, are below.

The Panel has received an application from Caravel Minerals 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.

Revisions to Guidance Note 1 on Unacceptable Circumstances - Last and Final Statements

The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 1 on Unacceptable Circumstances.

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:

The review Panel has substantially affirmed the decision of the initial Panel in Strategic Minerals Corporation NL (see TP18/6 and TP18/12) by making a minor variation to the initial Panel's declaration of unacceptable circumstances (Annexure A) and affirming the initial Panel's orders.