Molopo Energy Limited 10 & 11

Introduction

  1. The Panel, Christian Johnston (sitting President) Rebecca Maslen-Stannage and John O'Sullivan, made a declaration of unacceptable circumstances in relation to the affairs of Molopo Energy Limited. The application concerned an off-market takeover bid for Molopo by Aurora. The Panel found that Molopo's failure to disclose certain transactions and events in accordance with its disclosure obligations meant that the acquisition of control over voting shares in Molopo has not taken place in an efficient, competitive and informed market.

Bullseye Mining Limited - Panel Receives Application

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.

Finders Resources Limited 03R - Application for Judicial Review

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).

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

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).

Atlas Iron Limited

Introduction

  1. The Panel, Peter Day (sitting President), Diana Nicholson and Karen Phin declined to conduct proceedings on an application by NCZ Investments Pty Ltd in relation to the affairs of Atlas Iron Limited. Atlas is the subject of an off-market takeover bid from Redstone Corporation Pty Ltd (a subsidiary of Hancock Prospecting Pty Ltd).

Further Revised Panel Fees

The fees payable for Panel applications have today been amended by Treasury Laws Amendment (ASIC Fees) Regulations 2018 (Cth).

With effect from 4 July 2018, a fee of $2,400 is payable on an application to the Panel.

The increase referred to in our previous media release (see TP18/48) now no longer applies.

Revised Panel Fees

The fees payable for Panel applications are indexed each year from 1 July based on any increase in the Consumer Price Index, pursuant to the Corporations (Fees) Act 2001 (Cth) and Corporations (Fees) Regulations 2001 (Cth).

With effect from 1 July 2018, as a result of indexation, a fee of $2,446 is payable on an application to the Panel.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3500
takeovers@takeovers.gov.au

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