Ann: TOV: Auris Minerals Limited Panel Receives Application, page-10

I have done some checking, and I think that it's about a potential breach of the 20% rule by the Mandevilla Group. That's why the takeover panel has jurisdiction!

This is from my post https://hotcopper.com.au/threads/wo...4085212/page-12?post_id=31894870#.WsSMVkxuJPY

"This is from this website https://www.allens.com.au/pubs/pdf/ma/takeovers-handbook.pdf​

2.1 The 20% rule
The basic takeover rule is that a person cannot acquire a ‘relevant interest’ in issued voting shares of an Australian incorporated company listed on the ASX (or issued voting shares of an unlisted Australian-incorporated company with more than 50 shareholders, or issued voting interests in an Australian-registered managed investment scheme listed on the ASX) through a transaction in relation to securities entered into by or on behalf of the person if, because of that acquisition, that person’s or someone else’s ‘voting power’ in the relevant entity:
• increases from 20% or below to more than 20%; or
• increases from a starting point that is above 20% and below 90%, unless the acquisition occurs via a specified exception (such as a takeover bid, scheme of arrangement or with target shareholder approval).
This is commonly known as the ‘20% rule’ or ‘20% takeovers threshold’. At a basic level, the 20% rule means that a person is limited to holding a 20% shareholding interest in an ASX-listed company and cannot move beyond that except via a specified exception."

This is from the TOV letter: 'The applicant submits (among other things) that the substantial holding notices given by the Mandevilla Requisitioning Shareholders do not disclose the voting power of all of the associates of those shareholders and contravene section 671B.'

So, it's a suggestion it seems that there are undisclosed associates, and a hint that the true combined members of the group are in breach of the 20% rule.​