Lake Technology Limited – Panel Receives Application [01/01/2004] The Takeovers Panel

Friday, 23 July 2004

LAKE TECHNOLOGY LIMITED – PANEL RECEIVES APPLICATION

The Panel announces that it has received an application from Mr Robert Catto (the Applicant) dated 22 July 2004 alleging unacceptable circumstances in relation to the affairs of Lake Technology Limited (Lake Technology).

The Applicant is a shareholder of Lake Technology who alleges that unacceptable circumstances exist in relation to the takeover bid by Dolby Australia Pty Ltd (Dolby) for all the shares in Lake Technology not already owned by Dolby, specifically communications with Lake Technology shareholders by the shareholder relations firm engaged by Dolby.

The Applicant has sought a declaration of unacceptable circumstances and final orders that:

  • the shareholder relations firm be restrained from canvassing Lake Technology shareholders in relation to Dolby’s bid;
  • all Lake Technology shareholders previously contacted by the shareholder relations firm be provided with further clarifying information; and
  • any Lake Technology shareholder who has accepted Dolby’s bid following communication with the shareholder relations firm be given a withdrawal right in relation to their acceptance.

The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the other parties to the application and it is, therefore, unaware of their views.

The President of the Panel is appointing 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