PAYCE Consolidated Limited - President Makes Interim Orders [13/01/2015] The Takeovers Panel

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TP15/05
Tuesday, 13 January 2015

PAYCE Consolidated Limited – President Makes Interim Orders

The President of the Panel has made interim orders1 in response to an application for interim orders dated 12 January 2015 by ASIC in relation to the affairs of PAYCE Consolidated Limited (PAYCE).

The President has ordered that PAYCE adjourn its extraordinary general meeting to consider whether to approve an equal access off-market buy-back of 70.4% of the ordinary shares in PAYCE due to be held on 13 January 2015 and not hold the meeting before the date the interim orders cease to have effect.  The President also ordered PAYCE to make an announcement to ASX regarding the effect of the interim orders.

The interim orders have effect until the earliest further order of the Panel, determination of the proceedings or 2 months from the date of the interim orders.

A copy of the interim orders is attached.

Alan Shaw
Counsel, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3535
alan.shaw@takeovers.gov.au


Corporations Act
Section 657E
Interim Order

PAYCE CONSOLIDATED LIMITED

Australian Securities and Investments Commission (ASIC) made an application to the Panel dated 12 January 2015 in relation to the affairs of Payce Consolidated Limited (Payce).

The President ORDERS:

  1. Payce adjourn its extraordinary general meeting to be held on 13 January 2015.
  2. The meeting not be held before the date these interim orders cease to have effect.
  3. Payce make an announcement on ASX to the effect of these interim orders.
  4. These interim orders have effect until the earliest of:
    1. further order of the Panel
    2. the determination of the proceedings and
    3. 2 months from the date of these interim orders.

Alan Shaw
Counsel
with authority of Vickki McFadden
President
Dated 12 January 2015


1 References are to the Corporations Act 2001 (Cth)