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Takeovers Panel accepts Undertaking - Mintails Limited

by Martha.Ware 24. May 2011 14:05

The President of the Takeovers Panel has accepted an undertaking from Mintails Limited in relation to the application dated 17 May 2011 by Mr Seager Rex Harbour. On the basis of the undertaking, the President did not need to consider making interim orders.

Essentially, Mintails has undertaken not to:

  • issue any offer document relating to the 1 for 4 renounceable rights issue announced by Mintails to ASX on 2 May 2011
  • take any action under the underwriting agreement dated 12 May 2011 or  
  • take any action to issue ordinary shares or seek shareholder approval for the issue of ordinary shares under the convertible notes agreement between Mintails and others dated 15 December 2010.

The undertaking is effective until the earliest of: the date (if any) the Panel decides not to conduct proceedings in relation to the application, the date 3 business days after determination of the Panel’s proceedings and 27 May 2011.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Takeovers Panel makes no comment on the merits of the application.

A copy of the undertaking is available on the Takeovers Panel website.


Takeovers and Reconstructions


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