The review Panel has declined to conduct proceedings and has therefore affirmed the decision of the initial Panel in Sovereign Gold Company Limited (see TP16/51).

The Panel has declined to conduct proceedings on an application dated 15 July 2016 from Havenfresh Pty Ltd in relation to the affairs of McAleese Limited. 

The application concerned the proposed recapitalisation of McAleese announced on 7 June 2016 (see TP16/54).

The Panel considered the circumstances of the proposed senior debt acquisition are not central to the issues which might be of concern to the Panel in the context of the proposed recapitalisation. 

This media release was amended on 6 September 2016 to correct a typographical error as bolded in the orders below.

The Panel made a declaration of unacceptable circumstances on 8 July 2016 in relation to an application dated 9 June 2016 by Mr Brennan Westworth in relation to the affairs of Sovereign Gold Company Ltd (see TP16/37 and TP 16/51).

The Panel has received an application from Havenfresh Pty Ltd in relation to the affairs of McAleese Limited. The application concerns the proposed recapitalisation of McAleese announced on 7 June 2016.

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 made interim orders¹ in connection with the application dated 11 July 2016 from Mr Brennan Westworth seeking a review of the Panel’s decision in Sovereign Gold Company Limited (see TP16/51).

In order to maintain the status quo while it considers the review, the Panel has ordered that, in the absence of Panel consent, the persons referred to in the interim orders must not dispose of, transfer, charge or otherwise deal with their shares in Sovereign Gold. 

The Panel announces that Mr Alan Shaw has decided to retire from the Panel, effective from 3 October 2016. Alan is retiring from the Panel to increase the level of pro bono legal work that he currently undertakes and to do charity work and occasional consulting engagements.

The Panel has received an application from Mr Brennan Westworth seeking a review of the Panel's decision in Sovereign Gold Company Limited (see TP16/51).

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.

To the extent that consent was required, the President has consented to the review application being made.¹

The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 9 June 2016 by Mr Brennan Westworth in relation to the affairs of Sovereign Gold Company Ltd (see TP16/37).

Background

The current directors of Sovereign Gold are Messrs Patrick Glovac, Rocco Tassone and Charles Thomas, who are also the directors of Applabs Technologies Limited and the founding partners and executive directors of GTT Ventures Pty Ltd.

The Panel has consented to a request by Australian Securities and Investments Commission to withdraw its application to the Panel dated 28 June 2016 (see TP16/45), in relation to the affairs of Condor Blanco Mines Limited (administrator appointed) (Condor).