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The Agency seeks resolution on Magnolia proposal from Takeovers Panel

The Agency has taken a further step in providing certainty to shareholders by taking the proposal from Magnolia Equities III to the Australian Government Takeovers Panel.

A letter was lodged with the Takeovers Panel last night.

The Takeovers Panel is a forum for resolving disputes about takeover bids and seeks to resolve them in a speedy manner.

The application by The Agency reiterates concerns lodged with the ASX yesterday, suggesting that the Magnolia proposal is highly conditional and there is too little information to be considered credible.

They have also raised concerns that the identity of the proposal bidder is unclear as is the source of funding.

They have also stated that if shareholders are being asked to choose between two proposals Magnolia needs to provide shareholders with sufficient information for that consideration.

The Application also seeks the ultimate controller of Magnolia’s stake in the company (Ms Camilla Overgaard) be formalised in a substantial shareholders notice.

The powers of the Takeovers Panel include the ability to declare unacceptable circumstances in relation to the takeover of companies.

A sitting Panel has not been appointed yet and no decision has been made by the panel on whether to conduct proceedings.

The Agency is seeking a decision from the panel by the 13th December.

The AGM for The Agency is scheduled for 23 December.

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