The Takeovers Panel notes the decision of the Full Court of the Federal Court in Queensland North Australia Pty Ltd v Takeovers Panel (No 2) handed down today.
The Panel has made interim orders1 in response to correspondence by West Bridge Holdings Pty Ltd (West Bridge) indicating its intention to dispose of some or all of its holding in Affinity Education Group Limited (Affinity) and a request from Affinity for an interim order.
The Panel has accepted an undertaking from G8 Education Limited in relation to the application dated 26 August 2015 by Affinity Education Group Limited.
The Panel has received an application from Affinity Education Group Limited in relation to its affairs. Affinity is the subject of concurrent on-market and off-market takeovers by G8 Education Limited.
The Takeovers Panel welcomes the recent announcement by the Treasurer of the appointment of 5 new members to the Panel, for terms up to and including 29 April 2018.
The Panel, Garry Besson (sitting President), Richard Hunt and Denise McComish, declined to conduct proceedings on an application by Echo Resources Limited in relation to its affairs. The application concerned the failure to disclose, in a substantial holder notice, an alleged association between certain Echo shareholders, some of whom had requisitioned a general meeting to change the composition of Echo’s board.