Skywest Limited 03(R) – Panel Receives Application for Review of the Decision of the Sitting Panel in the Skywest 03 Proceeding [04/08/2004] The Takeovers Panel

Wednesday, 4 August 2004

SKYWEST LIMITED 03(R) – PANEL RECEIVES APPLICATION FOR REVIEW OF THE DECISION OF THE SITTING PANEL IN THE SKYWEST 03 PROCEEDING

The Panel announces that on 3 August 2004, it received an application (the Application) from CaptiveVision Capital Limited (CVC) for review of the decision made by the sitting Panel (the Initial Panel) in the Skywest 03 proceeding. The Application relates to an off-market takeover bid for ordinary shares in Skywest Limited (Skywest) by CVC.

The decision in Skywest 03 was announced by Panel media releaseTP04/69 on 30 July 2004. A copy of that media release is available from the Panel's website at: Media Releases.

CVC requests that the review Panel change the declaration of unacceptable circumstances made by the Initial Panel and undertake a fresh consideration of the orders that might need to be made following from any amendment to the declaration.

CVC has also sought interim orders:

  1. maintaining the status quo during the review; and
  2. restricting CVC and Skywest from initiating communications with Skywest shareholders regarding CVC’s bid except in writing, and then only after first providing the Panel with drafts of proposed communications for review.

The President of the Panel has appointed Simon McKeon (Sitting President), Meredith Hellicar (Deputy President) and Teresa Handicott as the sitting Review Panel.

The Panel has not yet sought the views of CVC, Skywest or other persons potentially involved in the Application and has therefore formed no views on the Application.

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au