Skywest Limited – Panel Receives Application [10/05/2004] The Takeovers Panel

Monday, 10 May 2004

SKYWEST LIMITED: PANEL RECEIVES APPLICATION

The Panel has received an application from Skywest Limited (Skywest) dated 7 May 2004 alleging unacceptable circumstances in relation to the off-market takeover bid by CaptiveVision Capital Limited (CVC) for all the fully paid ordinary shares in Skywest.

Skywest alleges that unacceptable circumstances arise from, among other things, the:

  • terms of the offer, including the defeating conditions to the offer; and

  • disclosures made in CVC’s bidder’s statement.

Skywest has sought:

  • a declaration of unacceptable circumstances under section 657A of the Corporations Act 2001 (Cth) (the Act);

  • interim orders restraining CVC from dispatching the bidder’s statement to Skywest shareholders pending final determination of proceedings by the Panel; and

  • final orders to rectify the alleged deficiencies of the terms of the offer and the bidder’s statement.

The Panel has not yet sought the views of CVC or other persons potentially involved in the application and has therefore formed no views on the application.
The President of the Panel is appointing a sitting Panel to consider the application.

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