NewSat Limited - Panel Declines to Conduct Proceedings and Publishes Reasons

The Panel has declined to conduct proceedings on an application dated 18 September 2009 from NewSat Limited in relation to its affairs.

The application submitted, among other things, that announcements made by EWC Payments Pty Ltd on 3 September 2009 relating to a scrip off-market takeover bid by EWC for all the shares of NewSat were misleading, the bid was unlikely to proceed, and the bid was a sham (see TP09/68).