It does say "or control" of an Australian company, so technically the panel probably has a mandate to look into this matter if there is some irregularity with holder notices which have an effect on the control of the company.
"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"
What I think is totally inappropriate, is if the intention of this application is for a minority shareholder to wrestle control away from the present management through the use of the panel's powers. I doubt the panel will over reach in this way, if they proceed at all. The counsel for the panel is a Cambridge educated lawyer with academic background, he will know all the implications of the actions/orders that are recommended. Handing control to a minority shareholder won't look good in the legal play book. I think the freeze orders are laughable though and actually show how little the person who drafted those orders understands how control over the company is currently exercised. If they understood they'd know there is no need for freeze orders as none of these parties are heading for the door. What's more the market is so illiquid that the door is practically shut for any on market trades. It would have to be an off-market transaction which would just leave the named parties more susceptible to the panels scrutiny. No one is that dumb. The urgency of these freeze orders is also laughable IMO. Esh
TBR Price at posting:
$6.73 Sentiment: Hold Disclosure: Held
