National Can Industries 01 – Panel Receives Application in Relation to National Can Industries Limited [22/09/2003] The Takeovers Panel

Monday, 22 September 2003

PANEL RECEIVES APPLICATION IN RELATION NATIONAL CAN INDUSTRIES LIMITED

The Panel has received an application from Visy Industrial Packaging and Holdings Pty Ltd (VIPH) dated 19 September 2003 alleging unacceptable circumstances in relation to schemes of arrangement between National Can Industries Limited (NCI) and Esk Holdings Pty Ltd (Esk).

VIPH alleges that unacceptable circumstances arise as a result of:

  • entry into break fee and lock up arrangements; and

  • an alleged breach of the substantial shareholder notice provisions of the Corporations Act 2001 (Cth) (Act).

Further, VIPH seeks an order that ASIC's decision on 21 July 2003 to grant an ASIC modification to vary subsection 609(7) of the Act to disregard a relevant interest in shares which is subject to approval of a scheme of arrangement, be set aside or be varied to impose a condition similar to the conditions referred to in ASIC's policy on joint bids.

The Panel has not yet sought the views of other persons potentially involved in the application and has therefore formed no views on the application.

The President of the Panel has yet to appoint a sitting Panel to consider the application.

George Durbridge,
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au