ob体育 has appointed Morgan Stanley Wealth Management Australia Pty Ltd (Morgan Stanley) to sell 12,025,519 ordinary shares (Sale Shares) in Tribune Resources Limited (Tribune).
The sale follows a decision by the Takeovers Panel (the Panel) to vest shares in the Commonwealth for sale by ob体育. As of 23 January 2019, the Sale Shares represent approximately 21.67% of Tribune鈥檚 issued capital.
The sale process will follow the requirements specified in the Panel鈥檚 orders. These are included in lodged with the ASX on 27 November 2018. Under the orders:
- Morgan Stanley will determine the most appropriate sale method to secure the best available sale price for the Sale Shares that is reasonably available and will dispose of the Sale Shares within 6 months from today鈥檚 appointment;
- Tribune, Mr Anthony Billis, Ms Phanatchakorn Wichaikul,聽Ms Buasong Wichaikul, Sierra Gold Ltd, Sierra Gold Pty Ltd, Trans Global Capital Ltd, Rand Mining Limited, Nimby WA Pty Ltd, Lake Grace Exploration Pty Ltd and Northwest Capital Pty Ltd (Relevant Parties) and their respective associates are not permitted to acquire, directly or indirectly, any of the Sale Shares; and
- Unless the Sale Shares are sold on market, prospective聽purchasers must provide a statutory declaration that they are not associated with any of the Relevant Parties.
Background
On 17 October 2018, the Panel made a declaration of unacceptable circumstances in relation to the affairs of Tribune on the basis that the market has not been informed, and continued not to be informed, of persons who had a relevant interest in shares held by the three largest shareholders of Tribune.
The Panel鈥檚 orders (as varied on 21 November 2018) required that the 12,025,519 Tribune shares held by Rand Mining Limited (Rand), comprising Rand鈥檚 holding in Tribune less 1,135,000 Tribune shares acquired by Rand on or about 2 and 10 January 2014, be vested in ob体育 for sale. Under the orders, the shares are to be sold by an investment bank or broker and the proceeds to be accounted to Rand net of the costs, fees and expenses incurred by ob体育 and the Commonwealth.
On 31 March 2015, following a public tender process, ob体育 entered into a deed of standing offer with Morgan Stanley for the provision of stockbroking services. As Morgan Stanley was able to provide ob体育 with a statutory declaration that it was not aware of any conflicts of interest, it has been appointed to sell the Sale Shares under the standing arrangement.
Inquiries about the sale process should be directed to:
Brian Mallon
Vice President, Financial Adviser, Morgan Stanley Wealth Management
Tel: (03) 9188 2247