Gribbles Group Limited – Panel Accepts Undertaking [16/07/2004] The Takeovers Panel

Friday, 16 July 2004

THE GRIBBLES GROUP LIMITED – PANEL ACCEPTS UNDERTAKING

Following the Panel’s media release TP04/57, released on 9 July 2004, the President of the Panel has appointed Meredith Hellicar (sitting President), Robyn Pak-Poy (sitting Deputy President) and Simon Withers as the sitting Panel to consider the application (the Application) from the Australian Securities and Investments Commission (ASIC) dated 9 July 2004 alleging unacceptable circumstances in relation to the affairs of The Gribbles Group Limited (Gribbles) and, in particular, in relation to a parcel of 194,516,455 ordinary shares (the ECMI Parcel) in Gribbles held by ANZ Nominees Limited (ANZ Nominees) on trust solely for EC Medical Investments NV (ECMI).

The Panel has decided to accept an undertaking from EC Medical Investments NV (ECMI) that ECMI will not transfer, dispose of, or otherwise deal with, its beneficial interest in the ECMI Parcel, or cause ANZ Nominees to transfer, dispose of, or otherwise deal with, its legal interest in the ECMI Parcel, until the conclusion of the Panel proceedings. Having accepted this undertaking, the Panel was not required to consider the interim order sought by ASIC in the Application.

The Panel notes that ECMI has today lodged:

  • a Notice of Substantial Holder executed by Investec Trustees (Jersey) Limited on behalf of itself and Jelsker Corporation NV, Palagiano Holding BV, Pianoro Holding BV and Wallace Stuart Cameron; and
  • a Notice of Change of Interests of Substantial Holder executed by ECMI.

Given the effect of these notices on the issues raised in the proceedings, the Panel is consulting with the parties on how to proceed, and in particular, whether ASIC wishes to continue with its Application, with or without amendment.

The Panel has not made any decision whether or not unacceptable circumstances exist as alleged in 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