Showing 60 out of 63 results
Break fees update: pushing the 1% guideline and the return of the naked no vote
Summary The traditional position of the Courts and the Takeovers Panel has been that a break fee not exceeding 1% of the target’s equity value is …
Defective disclosure of substantial holdings: parties can’t hide behind the passage of time
Summary The Northern Iron Limited decision reinforces the Panel’s willingness to take a practical approach in identifying the ‘circumstances’ from …
Panel publishes updated position on frustrating action, takeover summaries and dividends
Summary The Panel has scaled back its proposed amendments to its Guidance Note on frustrating action (GN 12), but has nevertheless supplemented the …
Titanic II: sinking slowly - The President's Club judicial review is dismissed
Summary The Takeovers Panel held that Clive Palmer and associates acquired in excess of 40% of The President's Club Limited (TPC) without complying …
Panel lifts the veil on aggregated intention statements
Summary The Panel’s decision in Bullabulling Gold provides a framework for the disclosure of aggregate shareholder intentions in a manner the Panel …
Disclosure of indicative approaches – what is current market practice?
Summary The ASX listing rules were amended in 2013 to help boards decide not to disclose a preliminary, indicative and non-binding approach for a …
Experts nervous on independence and process post Billabong
Independent experts have become increasingly nervous on independence and process points since the Australian Securities and Investments Commission …
CAMAC to be abolished
Among the economies proposed in its Budget for 2014-2015, the Commonwealth Government has announced that it will abolish a number of government bodies, …
Takeovers Panel composition
Summary Until this year, it has been a practice that members are appointed to the Panel for an initial three year term followed by, in the ordinary …
Significant reforms to the dividends test
Summary Treasury has released an Exposure Draft of legislation including proposed amendments to the dividend payment provisions of the Corporations …
All-at-sea – ASIC takes aim at Mariner and its directors
Summary Mariner Corporation Limited (Mariner) announced a cash bid for Austock Group Limited (Austock) on 25 June 2012. Austock countered that …
Lantern illuminates Panel’s thinking on buy backs
Summary The Takeovers Panel has given an insight into its future approach to the effects of buy-backs on corporate control. The Takeovers Panel may …
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