Energy Resources of Australia Limited 04 – Panel Receives Application

The Panel has received an application from Zentree Investments Limited and Packer & Co Ltd (Applicants) in relation to the affairs of Energy Resources of Australia Limited (ERA). The application concerns ERA’s $880 million 19.87 for 1 renounceable entitlement offer announced on 29 August 2024.

Details of the application, as submitted by the Applicants, are below.

AIMS Property Securities Fund 05R – Panel Receives Review Application

The Panel has received an application from Benjamin Graham atf the Graham Family Trust and Warwick Sauer in his personal capacity and as a director of Baauer Pty Ltd atf the Baauer Family Trust seeking a review of the Panel’s decision in AIMS Property Securities Fund 04 (see TP24/46).

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.

Tissue Repair Ltd – Panel Receives Application

The Panel has received an application from Tissue Repair Ltd (TRP) in relation to its affairs. The application concerns an alleged undisclosed association between certain shareholders of the company.

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.

Details

TRP is an ASX‑listed company (ASX: TRP).

AIMS Property Securities Fund 04 – Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application of 22 August 2024 from Benjamin Graham atf the Graham Family Trust and Warwick Sauer in his personal capacity and as a director of Baauer Pty Ltd atf the Baauer Family Trust in relation to the affairs of AIMS Property Securities Fund (APW).

The application concerned alleged undisclosed associations between certain unitholders in APW (see TP24/45).

Energy Resources of Australia Limited 03

Introduction

  1. The Panel, Robin Bishop (sitting President), Louise Higgins and Jeremy Leibler, declined to conduct proceedings on an application by Zentree Investments Limited in relation to the affairs of Energy Resources of Australia Limited. The application concerned a potential capital raising announced by ERA on 12 March 2024. The application also concerned conduct by ERA and Rio Tinto Limited, which has voting power of 86.3% of ERA, that the applicant submitted was part of an unacceptable strategy by Rio to achieve 100% ownership of ERA.

Sequoia Financial Group Limited

Introduction

  1. The Panel, Con Boulougouris, Stephanie Charles and Denise McComish (sitting President) made a declaration of unacceptable circumstances in relation to the affairs of Sequoia Financial Group Limited. The matter concerned an alleged association of parties ahead of a section 249D1 requisitioned meeting to remove directors and appoint others. The Panel found the alleged association established and that there had been acquisitions of shares in contravention of section 606.

AIMS Property Securities Fund 04 – Panel Receives Application

The Panel has received an application from Benjamin Graham atf the Graham Family Trust and Warwick Sauer in his personal capacity and as a director of Baauer Pty Ltd atf the Baauer Family Trust (together, the Applicants) in relation to the affairs of AIMS Property Securities Fund (APW). The application concerns alleged undisclosed associations between certain unitholders in APW.

Details of the application, as submitted by the Applicants, are below.

Locality Planning Energy Holdings Limited

Introduction

  1. The Panel, Michael Borsky KC, Marina Kelman and Karen Phin (sitting President) declined to make a declaration of unacceptable circumstances on an application by River Capital Pty Ltd1 in relation to the affairs of Locality Planning Energy Holdings Limited. The application concerned the acquisition of Locality shares following the announcement of an off-market bid by River Capital for Locality shares it did not own but before the release of Locality’s target’s statement.

Maronan Metals Limited

Introduction

  1. The Panel, John McGlue (sitting President), Emma-Jane Newton and James Stewart, declined to conduct proceedings on an application by Mr Benjamin Pauley in relation to the affairs of Maronan Metals Limited. The application concerned certain trading in Maronan shares prior to the announcement of Maronan’s placement and share purchase plan on 16 May 2024.

Sierra Rutile Holdings Limited

Introduction

  1. The Panel, Louise Higgins, Ruth Higgins SC and Timothy Longstaff (sitting President) declined to conduct proceedings on an application by PRM Services LLC in relation to the affairs of Sierra Rutile Holdings Limited. The application concerned allegations that certain shareholders of Sierra were associated and were acting together to influence its affairs, in particular in relation to the recommencement of certain mining operations and voting for the appointment of directors at an AGM.
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