The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 3 September 2018 by Hongkong Xinhe International Investment Company Limited in relation to the affairs of Bullseye Mining Limited (see TP18/64).
Bullseye (an unlisted public company) is currently the subject of an off-market takeover bid by Opus Resources Pty Ltd, a wholly owned subsidiary of Red 5 Limited (ASX:RED).
The review Panel has varied the final orders of the initial Panel in Molopo Energy Limited 10 & 111 by making additional final orders (Annexure A) following a review application dated 20 July 2018 by Molopo Energy Limited in relation to the initial Panel’s decision on final orders (see TP18/53 and TP18/54).2
The Panel has consented to a request by the Australian Securities and Investments Commission to withdraw its application to the Panel dated 12 September 2018 in relation to the affairs of Poseidon Nickel Limited. The application concerned the potential control effects of the sub-underwriting arrangements for an entitlement offer announced by Poseidon (see TP18/66).
Following the announcement of the results of the entitlement offer by Poseidon, ASIC sought the Panel's consent to withdraw its application.
The Panel has made a declaration of unacceptable circumstances (Annexure A) in relation to an application dated 20 August 2018 by R Hedley Pty Ltd in relation to affairs of Tribune Resources Limited (see TP18/61).
Sierra Gold Ltd, Trans Global Capital Limited and Rand Mining Limited are the three largest shareholders of Tribune, holding 16.04%, 16.91% and 26.32% of Tribune shares respectively.
The Panel considered that:
The Panel has received an application from ASIC in relation to the affairs of Poseidon Nickel Limited (ASX: POS).
Details of the application, as submitted by ASIC, are below.
A sitting 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.
The Panel has accepted an undertaking from Bullseye Mining Limited in relation to the application dated 3 September 2018 by Hongkong Xinhe International Investment Company Limited (see TP18/64).
Bullseye has undertaken to withdraw resolutions 1 and 2 notified in Bullseye's notice of general meeting dated 20 August 2018 and that any resolutions in respect of the subject matter of those resolutions submitted to members will be the subject of a replacement notice of meeting.
A copy of the undertaking is attached.
The Panel has received an application from Hongkong Xinhe International Investment Company Limited in relation to the affairs of Bullseye Mining Limited. Bullseye (an unlisted public company) is currently the subject of an off-market takeover bid by Opus Resources Pty Ltd, a wholly owned subsidiary of Red 5 Limited (ASX:RED). The application relates to resolutions 1 and 2 in a notice of meeting issued by Bullseye to convene a general meeting to be held on 17 September 2018. The applicant holds 21.74% of Bullseye's shares.
The Panel has declined to conduct proceedings on an application dated 14 August 2018 from EZR Systems Pty Ltd, Valplan Pty Ltd as trustee for the Troy R Valentine Fam S/F Account, Alignment Capital Pty Ltd, Cityside Investments Pty Ltd and Union Square Capital Pty Ltd on behalf of the Endeavour A/C in relation to the affairs of Tikforce Limited.
The Panel has made interim orders1 in response to an application for interim orders dated 20 August 2018 by R Hedley Pty Ltd in relation to the affairs of Tribune Resources Limited.
In order to maintain the status quo while it considers the application, the Panel has ordered that, in the absence of the consent of a member of the Panel, the persons referred to in the interim orders must not dispose of, transfer, charge or otherwise deal with their shares in Tribune.