International Law

Takeovers Panel rejects claim in respect of bank share securities

In the matter of BioProspect Limited 02 [2008] ATP 6 the Takeovers Panel refused to declare unacceptable circumstances under the takeover provisions of the Corporations Act. The ANZ Bank had failed to lodge any substantial holder notice in relation to its interest in BioProspect arising from its appointment of receivers to Opes Prime.

The Panel did not consider that the Application, on its face, came within section 657A.

However, the Bank subsequently lodged a substantial shareholder notice and gave undertakings to the Panel (among other things) not to:

1. trade BioProspect securities other than in the ordinary course of trading on the ASX and
2. sell BioProspect securities comprising an amount greater than 5% of the issued capital of BioProspect over any three consecutive trading days.

Full post as published by Australian Regulatory Compliance Review on April 28, 2008 (boomark / email).