Northern Iron Limited - Variation to Orders
The Panel made a declaration and orders on 19 June 2014 in response to an application dated 23 May 2014 by Northern Iron Limited in relation to its affairs.
Sherwin Iron Limited - Undertaking
The Panel has accepted an undertaking from Sherwin Iron Limited in relation to the application dated 19 June 2014 by Mr Jerry Ren, Citizen International Investment Pte Ltd and Citizen International Investment Limited.
Northern Iron Limited - Panel Publishes Reasons
The Panel today published the reasons for its decision on an application dated 23 May 2014 from Northern Iron Limited in relation to its affairs.
Northern Iron Limited
The Panel, Richard Hunt (sitting President), John Sheahan QC and Jane Sheridan, made a declaration of unacceptable circumstances in relation to the affairs of Northern Iron Limited. The application concerned non-compliance with substantial holder notice and tracing notice provisions. The Panel considered that the non-disclosure resulted in shareholders, the directors and the market not knowing the identity of a person who was proposing to acquire, and had acquired, a substantial interest. The Panel ordered disclosure, a ‘creep’ freeze and costs.
The President's Club Limited - Appeal from Federal Court Decision
Queensland North Australia Pty Ltd has appealed the decision of Collier J, who dismissed its application for judicial review of the Panel's decision to make a declaration of unacceptable circumstances and orders in The President’s Club Limited [2012] ATP 10.
Bullabulling Gold Limited - Panel Publishes Reasons
The Panel today published the reasons for its decision on an application dated 13 May 2014 from Norton Gold Fields Limited in relation to the affairs of Bullabulling Gold Limited.
Revised Panel Fees
The fees payable for Panel applications are indexed each year from 1 July based on any increase in the Consumer Price Index, pursuant to the Corporations (Fees) Act 2001 (Cth) and Corporations (Fees) Regulations 2001 (Cth).
Bullabulling Gold Limited
The Panel, Garry Besson (sitting President), Michelle Jablko and Heather Zampatti, declined to make a declaration of unacceptable circumstances in relation to the affairs of Bullabulling Gold Limited after accepting undertakings. The application primarily concerned disclosure by Bullabulling in a letter to its shareholders in response to an off-market bid by Norton Gold Fields Limited about the intentions of certain shareholders not to accept the bid. The Panel accepted undertakings from Bullabulling to give shareholders supplementary disclosure about the intention statements.
Appointments to the Australian and New Zealand Panels
The Panel notes the joint media release from the Minister for Finance (and Acting Assistant Treasurer) and the New Zealand Minister for Commerce announcing the appointment of Mr David Jones, MNZM (Chairperson of the New Zealand Panel) to the Panel until 30 September 2015 and the appointment of Mr Richard Hunt (a member of the Panel) to the New Zealand Panel until 7 March 2015.
Ambassador Oil and Gas Limited 02 - Panel Receives Application/Acting President Makes Interim Order
The Panel has received an application from Drillsearch Energy Limited in relation to the affairs of Ambassador Oil and Gas Limited. Ambassador Oil is subject to competing bids by Drillsearch and Magnum Hunter Resources Corporation.1
Details of the application, as submitted by the applicant, are below.