Mission NewEnergy Limited - Panel Accepts Undertaking, Declines to Conduct Proceedings and Publishes Reasons
The Panel has accepted an undertaking from Mission NewEnergy Limited (see annexure) and declined to conduct proceedings on an application dated 19 September 2012 from McDermott Industries Limited in relation to the affairs of Mission.
The application primarily concerned an exclusivity provision in a financing term sheet entered into by Mission with SLW International, LLC. McDermott submitted (among other things) that the provision amounted to a lock-up device that was anti-competitive and coercive.