The Panel has declined to make a declaration of unacceptable circumstances in response to an application dated 19 January 2016 from Sedgman Limited on the basis of further disclosure provided. The application concerned the takeover offer for Sedgman by CIMIC Group Investments Pty Limited (CGI), a wholly owned subsidiary of CIMIC Group Limited (see TP 16/04).
The Panel has received an application from Sedgman Limited in relation to its affairs. Sedgman is currently the subject of an unconditional off-market takeover bid from CIMIC Group Investments Pty Limited (CGI), a wholly owned subsidiary of CIMIC Group Limited (CIMIC).
Details of the application, as submitted by the applicant, 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 previously made interim orders regarding:
In view of the time that has elapsed, the Panel has made new interim orders to the same effect as the previous orders (see Annexures A and B).
The Panel has accepted an undertaking from Produce Markets Queensland Pty Ltd in relation to the application dated 6 January 2016 by Brisbane Markets Limited in relation to its affairs (see TP 16/001).
The Panel has received an application from Brisbane Markets Limited in relation to its affairs. Brisbane Markets is an unlisted company with more than 50 shareholders. Brisbane Markets is currently the subject of an off-market takeover bid from Produce Markets Queensland Pty Ltd (PMQ), a wholly owned subsidiary of VGI Partners Pty Ltd (VGI).
Details of the application, as submitted by the applicant, are below.
The Takeovers Panel announced today that it has published Guidance Note 23 "Shareholder Intention Statements".
The Panel issued a consultation draft of the Guidance Note on 7 July 2015. It received 8 submissions and has taken them into account and made further changes.