Panel Publishes Consultation Paper - Revised Guidance Note 4 on Remedies General

The Takeovers Panel today released a Consultation Paper seeking public comment in relation to a draft revised Guidance Note 4 on Remedies General.

The draft revises Guidance Note 4 to clarify that, while a party may offer an undertaking to resolve a matter at any point in the Panel’s process, the timing of the offer is a relevant factor when the Panel is exercising its discretion whether to accept an undertaking in lieu of a declaration or orders.

Freshtel Holdings Limited - Panel Receives Application

The Panel has received an application from Dominet Digital Corporation Pty Ltd in relation to the affairs of Freshtel Holdings Limited.  The application concerns an entitlement offer.

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.

Sovereign Gold Company Limited 01R - Panel Publishes Reasons

The Panel today published the reasons for its decision on a review application dated 11 July 2016 from Brennan Westworth in relation to the affairs of Sovereign Gold Company Limited.

Details of the Panel's decision can be found at TP16/58.

The Panel's reasons for its decisions are on the Panel's website.

The sitting Panel was Elizabeth Hallett, Rodd Levy (sitting President) and Sarah Rennie.

Sovereign Gold Company Limited 01R

Introduction

  1. The Panel, Elizabeth Hallett, Rodd Levy (sitting President) and Sarah Rennie, declined to conduct proceedings on a review application by Mr Brennan Westworth to review the decision of the initial Panel in Sovereign Gold Company Limited 01.1 The review Panel considered that it was unlikely to reach a different conclusion to the initial Panel.

Sovereign Gold Company Limited

Introduction

  1. The Panel, Karen Evans-Cullen (sitting President), Karen Phin and Sharon Warburton, made a declaration of unacceptable circumstances in relation to the affairs of Sovereign Gold Company Limited. The application concerned possible associations between persons connected with the current directors of Sovereign Gold. The Panel considered that the current directors of Sovereign Gold are associated with each other and another company (in which they are the sole directors) and contravened s606 and the substantial holder notice provisions.

Sovereign Gold Company Limited - Panel Publishes Reasons

The Panel today published the reasons for its decision on an application dated 9 June 2016 from Mr Brennan Westworth in relation to the affairs of Sovereign Gold Company Limited.

Details of the Panel's decision can be found at TP16/51 and TP16/56.

The Panel's reasons for its decisions are on the Panel's website.

The sitting Panel was Karen Evans-Cullen (sitting President), Karen Phin and Sharon Warburton.

McAleese Limited

Introduction

  1. The Panel, Alex Cartel, Rod Halstead and Sophie Mitchell (sitting President) declined to conduct proceedings on an application by Havenfresh Pty Ltd. The application concerned the proposed recapitalisation of McAleese Limited announced on 7 June 2016.
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