Third Application Resolved
The Panel advises that the circumstances surrounding the third application in relation to the four Colonial First State Property funds (Colonial Funds) have now been resolved. Consequently, the Panel has decided not to make any declaration of unacceptable circumstances in this matter, Colonial 03.
These are our reasons for declining to make a declaration of unacceptable circumstances in response to the application by Mirvac Funds in relation to the proposed merger between Colonial First State Property Trust Group and Commonwealth Property Office Fund and Gandel Retail Trust. We also set out our reasons for declining the application by Mirvac to vary or revoke the modification of Item 7 of section 611 of the Corporations Act.
The Panel advises that it has today published its reasons for decision in the first applications that it received in relation to the Colonial First State Property Trust Group (Colonial Funds).
The Takeovers Panel welcomes the appointment of the following members of the mergers and acquisitions market as members of the Takeovers Panel:
The Takeovers Panel advises that it has published the reasons for its decision in relation to the Ranger Minerals Limited (Ranger) proceedings.
The application for a declaration of unacceptable circumstances and orders was made by Ranger on 20 June 2002. It was in relation to statements made by Revesco Group Limited (Revesco) in a letter from the Chairman of Revesco (Letter) which accompanied a supplementary bidder's statement dispatched by Revesco to Ranger shareholders on 17 June 2002.
The Panel advises that it has reached a decision on interim orders in the third application in relation to the four Colonial First State Property funds which the Panel announced yesterday. The application from the Responsible Entity for the Colonial Funds sought interim orders to restrain Mirvac Funds Ltd processing acceptances under its bid for the Colonial Funds or exercising any voting power in the Colonial Funds in reliance on those acceptances.
The Panel advises that its decision on interim orders is as follows:
The Panel advises that it has received a third application in relation to the four Colonial First State Property funds. The application is from the Responsible Entity for the Colonial Funds and is in relation to Mirvac Funds Limited's takeover bid for the Colonial Funds. The application seeks a declaration of unacceptable circumstances, and interim orders to restrain Mirvac processing acceptances or exercising any voting power in the Colonial Funds in reliance on those acceptances and similar final orders until Mirvac amends its constitution to resolve the issue.
The Panel advises that it has declined a further application in relation to the four Colonial First State Property funds. The application was from the Responsible Entity for the Colonial Funds. The application sought urgent interim orders to restrain dispatch of the bidder's statement in Mirvac Funds Limited's takeover bid for the Colonial Funds.
These are our reasons for declining to make a declaration of unacceptable circumstances in response to the application by directors of Radly on 27 June 2002 concerning the affairs of Isis, resulting from a contract for the sale, by Radly (acting through its receivers), of 19.9% of Isis to MGB and Investec. The Panel considered that despite its concerns over a possible technical breach of section 606 of the Corporations Act, there did not appear to be a basis for a declaration of unacceptable circumstances.
The Panel advises that it has today published its reasons for its decision in response to an application in relation to Isis Communications Ltd. on 27 June 2002. The Panel published its decision on 9 July 2002.
The application related to an agreement on 14 June 2002, by Radly Corporation Pty. Ltd. (Receivers and Managers Appointed), acting through its receivers, to sell 19.9% of the shares in Isis, in equal shares to Investec Australia Ltd and MGB Equity Growth Pty. Ltd. Radly held 43% of the shares in Isis at the time.