Breakfree Limited 04(R) – Review Panel Decides to Conduct, and Suspend, Proceedings [03/11/2003] The Takeovers Panel

Monday, 3 November 2003

BREAKFREE 04(R) – REVIEW PANEL DECIDES TO CONDUCT, AND SUSPEND, PROCEEDINGS

The BreakFree 04(R) Panel (the Review Panel) advises that it has met and decided to conduct proceedings in relation to the application by S8 Limited (S8) for a review of the decision in the BreakFree 04 first instance proceedings to make a declaration of unacceptable circumstances in relation to the affairs of BreakFree Limited (BreakFree).

However, the Review Panel has also decided to suspend those proceedings until the BreakFree 04 Panel (the Initial Panel) has decided whether to make orders (and, if so, what orders will be made) in those proceedings.

In determining to suspend the proceedings, the Review Panel recognised that, if S8 wished to apply for a review of the decision to make the declaration, S8 was required by subsection 657EA(2) of the Corporations Act 2001 (Cth) to bring its application when it did. However, the Review Panel felt that it was inappropriate to review the decision of the Initial Panel until the BreakFree 04 proceedings have been finally concluded.

The Panel has not yet sought the views of the parties affected by the BreakFree 04(R) application, and so has not formed any views in relation to 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