Investa Office Fund

Introduction

  1. The Panel, Peter Day, Lee Dewhirst and Andrew Lumsden (sitting President), on an application on behalf of DEXUS Property Group made a declaration of unacceptable circumstances in relation to the affairs of Investa Office Fund. The application concerned issues of conflict management by the manager of IOF, voting by Morgan Stanley of units held in IOF, disclosure deficiencies in a document (the IOMH Document) issued by the holding company of IOF's responsible entity and manager, and incomplete substantial holder disclosure.

Gulf Alumina Limited

  1. The Panel, Richard Hunt (sitting President), Andrew Lumsden and Karen Phin, made a declaration of unacceptable circumstances in relation to the affairs of Gulf Alumina Limited. The application concerned an off-market scrip takeover offer by Metro Mining Limited for Gulf. The Panel considered that a letter to shareholders from Gulf and Gulf's target statement contained insufficient and misleading information regarding (among other things) the value of Gulf and shareholder intention statements.

Gulf Alumina Limited - Variation of Orders

The Panel made a declaration of unacceptable circumstances and final orders on 11 March 2016 regarding an application dated 15 February 2016 from Metro Mining Limited in relation to the affairs of Gulf Alumina Limited (see TP16/08 and TP16/15). The Panel's orders were varied on 21 March 2016 (see TP16/16).

On 23 March 2016, Metro announced a variation to the offer consideration. On 24 March 2016, Gulf applied to vary the Panel's orders.

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