Dromana Estate Limited 01R

These are the Panel’s reasons for declining, on the basis of an undertaking from Dromana, a review application of Mr John Hempton, a shareholder in Dromana Estate Limited, to make a declaration of unacceptable circumstances in relation to a 1 for 1 non-renounceable rights issue to be conducted by Dromana.

Alinta Limited 01R - Panel Decision

The Takeovers Panel advises that it has made a decision in relation to the application by Alinta Limited for review of the Panel's decision in the Alinta 01 proceedings. The Panel published a Media Release on 23 April 2006 (TP06/41) setting out its decision in the Alinta 01 proceedings. In those proceedings the Panel (Initial Panel) made a declaration of unacceptable circumstances and final orders in relation to one of two applications dated 3 April 2006 from The Australian Gas Light Company in relation to the bid by AGL for Alinta (AGL Offer) and the bid by Alinta Group Holdings Pty Limited for AGL (Alinta Offer).

Axiom Properties Limited 01

These are the Panel’s reasons for making a declaration of unacceptable circumstances and final orders in relation to the affairs of Axiom Properties Limited following applications to the Takeovers Panel by Pivot Group Pty Ltd and Saramac Nominees Pty Ltd. The Panel required Axiom Properties Limited to make additional disclosure to its shareholders of the potential for conflicts of interest which may arise if they approved a proposal by Saramac to provide additional funds to the company by way of subscription, convertible note and options. The Panel required Pivot to amend the agreement it had entered with Axiom, to delete a “No Talk” provision from the agreement, in order to allow Axiom to discuss the rival Saramac Proposal.

Rusina Mining NL

These are the Panel’s reasons for declining to make a declaration of unacceptable circumstances following receipt by Rusina Mining NL of a response to a tracing notice and following the lodgement and publication of relevant substantial holder notices by New Frontier Limited. The Panel made interim orders restricting the disposal of specified ordinary shares in Rusina Mining NL.

Sydney Gas Limited 02 - Panel Declines to Commence Proceedings

The Takeovers Panel advises that it has declined to commence proceedings in relation to an application from Queensland Gas Company Limited (Queensland Gas) received on Monday 24 April 2006, concerning the affairs of Sydney Gas Limited (Sydney Gas), and specifically concerning a takeover offer by Queensland Gas for all the shares in Sydney Gas and a recapitalisation plan announced by Sydney Gas on 7 April 2006 (Recapitalisation Plan).

Nexus Energy Limited 01

These are the Panel’s reasons for declining to commence proceedings in relation to an application that the slides from an investor presentation by Nexus Energy Ltd were false and misleading in the context of a takeover bid by Anzon Australia Ltd. The Panel considered that a clarification statement issued by Nexus, the fact that the Nexus target’s statement was due to be delivered within approximately a week, and an analysis of the information in the slides, meant that there was not sufficient basis to commence proceedings.