Ann: TOV: TBR Declaration of Unacceptable Circumstances, page-44

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eastwest101

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18/09/18

18:22

Post #: 35679422
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Originally posted by eshmun ↑

Hi @eastwest101

I have found a case where a declaration of unacceptable circumstances was referred to the Federal Court for judicial review.

Queensland North Australia Pty Ltd v Takeovers Panel (No 2)

http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=media_releases/2015/045.htm

I haven't read the case in detail but the upshot is that the original application by QNA for judicial review by the Federal Court was originally dismissed by one Judge of the Federal court but an appeal to the Full Court of the Federal Court overturned the original judges decision and set aside the declaration of unacceptable circumstances and orders made by the Takeover Panel and the original application (by The President's Club Limited) was remitted back to the Takeover Panel to be heard and determined according to law.

So there is scope for judicial review to the Federal Court and in the particular case I've found above the Takeover Panel were found to have erred in law from my brief reading.

What I can't understand is the logic of the Takeover panels decision. They say

"If material provided to the Panel in the submissions by Tribune, Sierra, Sierra Gold Pty Ltd, Trans Global and Rand is accurate, there have been numerous contraventions of the substantial holding provisions in relation to Tribune shares."

How can it be possible to make a declaration of unacceptable circumstances when the Panel doesn't even know if the information before it is accurate. Wouldn't the real facts need to be established first!!!

ie we just convicted Mr Joe Blogs of murder but we have no idea if the facts we used to convict him are accurate.

This can't be a serious court of law. How urgent is this matter? Not very urgent, ASIC knew about some of it for almost 8 years. Esh

Expand

Well if the Takeover Panel is off on a legal frolic or has completely left the reservation then I guess it will be up to a higher court to determine the matter.

I agree with you that the justification used by the Takeover Panel seemed very dubious, contradictory and illogical on my initial reading of it. And I still argue that its possible that they don't even have juristiction over this matter. If so - any decent lawyer should be able to drive a bus through the holes in legal logic on appeal. I'm assuming there is quite a lot of money at stake here so someone will be getting the best legal advice that money can buy.

We shall see.

TBR Price at posting: $6.70 Sentiment: Hold Disclosure: Held
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Ann: TOV: TBR Declaration of Unacceptable Circumstances, page-44

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