Tuesday, 6 March 2012
Ludowici Limited 01R(a) & (b) - Panel Makes Interim Orders
The Acting President of the Panel has made interim orders1 in response to a request dated 5 March 2012 by FLSmidth & Co. A/S in relation to the affairs of Ludowici.
The interim orders effectively stay the operation of the orders made in Ludowici Limited 01 until the earliest of further order of the Panel, determination of the review proceedings or 2 months from the date of the interim orders.
The Acting President considered that the interim orders would maintain the status quo while the review Panel considers the review applications2.
A copy of the interim orders is attached.
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 39655 3597
1 BACKGROUND: An interim order is designed to maintain the status quo until the Panel can consider the application in detail. It may be made by the President or a sitting Panel. Often a sitting Panel has not been appointed at the stage of considering the making of an interim order. An interim order does not indicate that the Panel has decided to conduct proceedings or necessarily indicate the merits of an application for a declaration of unacceptable circumstances.
2Ludowici Limited 01R(a), a review by Weir and Ludowici Limited 01R(b), a review by FLS
LUDOWICI LIMITED 01R(a) & (b)
Both The Weir Group PLC and FLSmidth & Co. A/S made review applications to the Panel dated 29 February 2012 and 1 March 2012 respectively, in relation to the affairs of Ludowici Limited.
The Acting President ORDERS:
1. That orders 1-13 of the orders made in the matter of Ludowici Limited 01 on 28 February 2012, are stayed.
2. These interim orders have effect until the earliest of:
- further order of the Panel
- the determination of the review proceedings and
- 2 months from the date of these interim orders.
with authority of Graham Bradley AM
Dated 6 March 2012