The Panel, Garry Besson (sitting President), Elizabeth Hallett and Richard Hunt, declined to conduct proceedings on an application by Ann Cathcart Pty Ltd in relation to the affairs of the Agricultural Land Trust. The application concerned a meeting of ALT unitholders to consider a proposed restructure of ALT and whether Emerald Securities Pty Ltd (the holder of 4.4% of ALT) and Mr Allen Caratti (the holder of 26.03% of ALT) were associated so that Emerald Securities should be excluded from voting on certain resolutions. The Panel considered that the evidence presented was not sufficient for the Panel to conduct proceedings.

The Panel, Geoff Brunsdon, John Humphrey and John Keeves (sitting President), declined to conduct proceedings on an application by London City Equities Limited in relation to Gro-Aust Holdings Limited’s bid for Tranzact Financial Services Limited. The application concerned (among other things) timely provision of information, disclosure in Tranzact’s independent expert report and whether ASIC’s policy on joint bids applied. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.

The Panel, Elizabeth Bryan, Tony Osmond and Jane Sheridan (sitting President), declined to make a declaration of unacceptable circumstances in relation to the affairs of Tigers Realm Coal Limited after the parties restructured a proposed equity raising by Tigers Realm. The application primarily concerned association between Tigers Realm Minerals Pty Limited and other shareholders and each of BV Mining Holding Limited and Russian Direct Investment Fund, potential investors in Tigers Realm, through the equity raising. The parties amended the share subscription agreements and related documents and offered undertakings, which the Panel accepted.