Ann: TOV: Tribune Resources Limited Panel Receives Application, page-66

Like Esh and some other posters I am very curious as to how the Takeovers Panel has come to the conclusion to  thinks it has any interest in TBR as there seems to be a crucial precondition missing here e.g. "a takeover" - the body is actually called The Takeover Panel not the "Another legal avenue for commercial disputes"..... where is the target? Which shareholders is the ToP trying to protect?

Is the Takeover Panel on a legal adventure/frolic or is this an issue of control of a company ? Or is there something that the Panel is aware of that the public aren't? Or is it simply a case of whomever has the best lawyers wins?

Genuine questions - not trying to inflame matters, just trying to understand what the reasoning could be?



From the ATP web site:

Establishment

The Panel was established under section 171 of the Australian Securities and Investments Commission Act (the ASIC Act). It is given powers under Part 6.10 of the Corporations Act (the Corporations Act). The Panel has a full time Executive based in Melbourne to assist members of the Panel and the takeovers community and to draft policy.
Unacceptable Circumstances

The Panel has wide powers. Its primary power is to declare circumstances unacceptable in relation to a takeover or the control of an Australian company or a listed managed investment scheme. However, the Panel's jurisdiction to consider these issues is limited to where a person who has standing makes an application to the Panel. Further information on who has standing to make an application and how to make an application to the Panel can be found on the How to Apply page.
There is no definition of unacceptable circumstances. The Panel's ability to make a declaration of unacceptable circumstances is broad. Guidance Note 1 provides an overview of the Panel's approach to making a declaration of unacceptable circumstances, including the Panel's powers and the circumstances in which the Panel may declare circumstances unacceptable. See Guidance Note 1 for further information.
The Panel has the power to make orders to protect the rights of persons or groups (especially target company shareholders) during a takeover bid and to ensure that a takeover bid proceeds (as far as possible) in a way that it would have proceeded if the unacceptable circumstances had not occurred.