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).
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).
The Panel today published the reasons for its decision on an application dated 27 June 2016 from Sandon Capital Investments Limited in relation to the affairs of Warrnambool Cheese and Butter Factory Company Holdings Limited.
Details of the Panel's decision can be found at TP16/47.
The Panel's reasons for its decisions are on the Panel's website.
The Panel has made interim orders1 in response to an application for interim orders dated 28 June 2016 by Australian Securities and Investments Commission in relation to Condor Blanco Mines Limited.
The Panel decided to make interim orders to prevent the disposal of Condor shares held by or on behalf of parties alleged to be associated.
The interim orders have effect until the earliest of further order of the Panel, determination of the proceedings or 2 months from the date of the interim orders.
The Panel has declined to conduct proceedings on an application dated 27 June 2016 from Sandon Capital Investments Limited in relation to the affairs of Warrnambool Cheese and Butter Factory Company Holdings Limited.
The application concerns the entitlement offer announced by Warrnambool on 10 June 2016 (see TP16/43). Among other things, the applicant submitted:
The Panel today published the reasons for its decision on an application dated 24 June 2016 from Fortress Centaurus Global Master Fund Ltd in relation to the affairs of Ainsworth Game Technology Limited.
Details of the Panel's decision can be found at TP16/42.
The Panel's reasons for its decisions are on the Panel's website.
The sitting Panel was Richard Hunt, Andrew Lumsden and Vickki McFadden (sitting President).