Global Lithium Resources Limited – Panel Receives Application
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Mount Isa Minerals Limited
Introduction
- The Panel, Joseph Fayyad, Rebecca Maslen‑Stannage (sitting President) and John McGlue declined to conduct proceedings on an application by Lantech Developments Pty Ltd in relation to the affairs of Mount Isa Minerals Limited. The application concerned allegations that certain lenders to, and shareholders and directors of, Mount Isa Minerals were associated and were acting together to affect the composition of the board and to otherwise control and manage the company to the exclusion of other shareholders.
Pacific Smiles Group Limited – Panel Declines to Make Orders
The Panel has declined to make orders in relation to an application dated 17 May 2024 by NDC BidCo Pty Ltd in relation to the affairs of Pacific Smiles Group Limited (Pacific Smiles) (see TP24/24).
Background
Between 6 and 15 December 2023, Beam Investment Co Pty Limited (Beam) entered into several agreements with its consortium partners (referred to as Acquisition Agreements).
Sequoia Financial Group Limited – Declaration of Unacceptable Circumstances
The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 15 May 2024 by Sequoia Financial Group Limited (Sequoia) in relation to its affairs (see TP24/23).
Background
Sequoia is an ASX‑listed company (ASX code: SEQ).
Energy Resources of Australia Limited 03 – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 29 May 2024 from Zentree Investments Limited in relation to the affairs of Energy Resources of Australia Limited (ERA).
Pacific Smiles Group Limited - Declaration of Unacceptable Circumstances
The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 17 May 2024 by NDC BidCo Pty Ltd in relation to the affairs of Pacific Smiles Group Limited (Pacific Smiles) (see TP24/24).
Background
Pacific Smiles is an ASX-listed company (ASX: PSQ).
Sierra Rutile Holdings Limited – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 23 May 2024 from PRM Services LLC in relation to the affairs of Sierra Rutile Holdings Limited.
Sierra Rutile is the subject of an on-market takeover bid by PRM Services at A$0.095 per share. The application concerned (among other things) whether the “Concert Parties” (as defined in the application, including Mano Mining and Logistics Limited, Rockbridge Overseas Limited, Leonoil Company Limited and Gemcorp Commodities Assets Holdings Limited):
Vintage Energy Limited 02R
Introduction
- The Panel, Alex Cartel (sitting President), Michael Lishman and Diana Nicholson declined to conduct proceedings on an application by Keybridge Capital Limited to review the decision of the initial Panel to decline to conduct proceedings in Vintage Energy Limited.1 The review application concerned a placement and non-renounceable entitlement offer announced by Vintage on 25 March 2024.
Maronan Metals Limited – Panel Declines to Conduct Proceedings
The Panel has declined to conduct proceedings on an application dated 20 May 2024 from Benjamin Pauley in relation to the affairs of Maronan Metals Limited (ASX: MMA).
The application concerned certain trading in Maronan Metals shares prior to the announcement of a placement and share purchase plan (see TP24/025).
Ringers Western Limited 02R - Panel Receives Review Application and President Makes Interim Orders
The Panel has received an application from Emma Salerno and James Salerno Junior as trustees for the Ringers Western Discretionary Trust seeking a review of the Panel’s decision in Ringers Western Limited (see TP24/33).
A review Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.