The Panel, Richard Hunt, Rodd Levy (sitting President) and Denise McComish declined to conduct proceedings on an application by Totem Holdings Pty Ltd in relation to the affairs of Lantern Hotel Group. The application concerned an offer to Lantern to buy-back 24.3% of its stapled securities on issue and the potential resulting increase in Torchlight GP Limited’s relevant interest from approximately 30.2% to 40.3% if the buy-back were effected. The Panel considered that the buy-back offer was unlikely to give rise to unacceptable circumstances and other aspects of the application were premature.

The Panel, Ron Malek, Vickki McFadden (sitting President) and Laurie Shervington, declined to conduct proceedings on an application by Dragon Mining Limited in relation to its affairs. The application concerned an alleged association between two Dragon Mining shareholders in the context of a meeting to change the Dragon Mining board. The Panel considered that the application was not timely and the evidence of association in relation to Dragon Mining was not sufficient for it to conduct proceedings.