Explaurum Limited - Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 24 October 2018 from Ramelius Resources Limited in relation to the affairs of Explaurum Limited (see TP18/72).
Tribune Resources Ltd
Introduction
- The Panel, Chelsey Drake, Teresa Dyson and Christian Johnston (sitting President) made a declaration of unacceptable circumstances in relation to the affairs of Tribune Resources Limited. The application concerned the identity of persons who have a relevant interest in the shareholdings of Tribune shareholders who together hold approximately 60% of Tribune shares.
Tribune Resources Limited 02R - Panel Receives Application and President Makes Interim Orders
The Panel has received an application from Rand Mining Limited seeking a review of the Panel's decision on final orders in Tribune Resources Limited (see TP18/73).
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.
Tribune Resources Limited - Orders
The Panel made a declaration of unacceptable circumstances on 14 September 2018 in relation to an application dated 20 August 2018 by R Hedley Pty Ltd in relation to the affairs of Tribune Resources Limited (see TP18/67).
The Panel has made final orders (Annexure A), the effect of which includes:
Explaurum Limited - Panel Receives Application
The Panel has received an application from Ramelius Resources Limited in relation to the affairs of Explaurum Limited. Explaurum is currently the subject of an off-market takeover bid by Ramelius for 100% of the shares in Explaurum for consideration of 1 Ramelius share for every 4 Explaurum shares.
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.
Bullseye Mining Limited 02 - Orders and Undertaking
The Panel made a declaration of unacceptable circumstances on 2 October 2018 in relation to the affairs of Bullseye Mining Limited (see TP18/70).
Molopo Energy Limited 12R
Introduction
- The Panel, Tracey Horton, Michelle Jablko (sitting President) and John Sheahan QC, varied the final orders made by the initial Panel1 in relation to the affairs of Molopo Energy Limited by including orders requiring certain persons who were directors of Molopo during the period in which the unacceptable circumstances occurred2 to compensate Molopo and one of its shareholders for costs they incurred during the initial Panel proceedings.
Bullseye Mining Limited 02 - Declaration of Unacceptable Circumstances
The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 3 September 2018 by Hongkong Xinhe International Investment Company Limited in relation to the affairs of Bullseye Mining Limited (see TP18/64).
Background
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).
Molopo Energy Limited 12R - Review Panel Decision
The review Panel has varied the final orders of the initial Panel in Molopo Energy Limited 10 & 111 by making additional final orders (Annexure A) following a review application dated 20 July 2018 by Molopo Energy Limited in relation to the initial Panel’s decision on final orders (see TP18/53 and TP18/54).2
Poseidon Nickel Limited - Panel Application Withdrawn
The Panel has consented to a request by the Australian Securities and Investments Commission to withdraw its application to the Panel dated 12 September 2018 in relation to the affairs of Poseidon Nickel Limited. The application concerned the potential control effects of the sub-underwriting arrangements for an entitlement offer announced by Poseidon (see TP18/66).
Following the announcement of the results of the entitlement offer by Poseidon, ASIC sought the Panel's consent to withdraw its application.