Invest Blue Pty Ltd (Consent to Review)

Introduction

  1. The substantive President of the Panel, Alex Cartel, declined to grant consent to an application for review of a decision of the sitting Panel to decline to conduct proceedings in Invest Blue Pty Ltd.
  2. In these reasons, the following definitions apply.
    Applicant
    Kanenaro Pty Ltd ATF Denaro Family Superannuation Fund
    Austral Coal 03R
    has the meaning given in paragraph 35
    Careers 03R
    has the meaning given in paragraph 36
    Equity Plan Services

Vmoto Limited

Introduction

  1. The Panel, Sylvia Falzon, Neil Pathak (sitting President) and Richard Phillips, declined to conduct proceedings on an application by the Munro Family Super Fund in relation to the affairs of Vmoto Limited. The application concerned (among other things) transactions involving alleged transfers of Vmoto shares to entities selected by the Board in the context of a proposed de‑listing and upcoming board spill meeting.

Dropsuite Limited – Panel Receives Application

The Panel has received an application from Harvest Lane Asset Management Pty Ltd in relation to the affairs of Dropsuite Limited (ASX: DSE) (Dropsuite).

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.

Keybridge Capital Limited (Administrator Appointed) 16 and Benjamin Hornigold Ltd 14 – Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on two applications from Benjamin Hornigold Ltd (ASX: BHD) (Benjamin Hornigold) – one in relation to the affairs of Keybridge Capital Limited (Administrator Appointed, ASX: KBC) (Keybridge) and the other in relation to its own affairs.1

Appointment of Panel Members

The Takeovers Panel notes the reappointment of 14 members and the appointment of 4 new members to the Panel for terms of 3 years, effective 8 March 2025.

The following members have been appointed: Ms Kellie Benda, Mr Costas Condoleon, Ms Tonianne Dwyer and Ms Susan Forrester. The President and the Panel executive warmly welcome the new members.

Mr Alex Cartel has been reappointed as President and member of the Panel.

Keybridge Capital Limited 15 and Benjamin Hornigold Ltd 13

Introduction

  1. The Panel, Michael Lishman, Rebecca Maslen-Stannage (sitting President) and Emma-Jane Newton declined to conduct proceedings on two applications from Keybridge Capital Limited – one in relation to its own affairs and the other in relation to the affairs of Benjamin Hornigold Ltd. The two applications (heard together) concerned alleged associations and contraventions of section 606 in the context of a requisitioned general meeting of Keybridge Capital Limited shareholders.
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