Ann: TOV:Donaco International Limited Panel Receives Application, page-20

Summary of the current Take Overs Panel situation

Facts

* TOV accepts application by default, the fact an application has been made doesn't imply there is any merit to the application
* TOV will appoint the 3 people to the panel within a few days, likely before the end of the week
* That 3 person panel will decide if there is merit in the application and if should proceed or be shutdown, announced early next week.
* 3 Person panel can at that point provide interim orders so that nothing happens
* 3 Person panel (if they decided the application is warranted) will review and rule on the application within a week from the proceeding or not gate)
* We'll likely get some detail on what is happening if the application is accepted and it goes ahead to a decision.

Summarisation
* TOV is used where something needs to be stopped, think of it as more of an injunction
* We can therefore assuming that, Right before the TOV application was lodged, something was about to happen and probably something good for the share price (given price action last few days).
* Joey is probably trying to buy the shares back but doesn't have clear funding (maybe not being engaged by the receivers) and therefore he wants to stop the positive process above going ahead hence the application, as it increased the price (making it more expensive to buy them) and / or have his shares sold to someone formally (can't get them back). Hence he is asking ASIC to take the sale process on, buying himself more time to come up with the funding.
* We'll get a quick answer out of TOV and then if it is turned down we should see a quickly announced deal by the receivers and the stock placed to likely a combination of OCP (up to their 19.95%) and the new investor. ~17%.

Other notes
* The application to block the voting rights is interesting, it could be as people have mentioned, there is a buyer of SV or Aristo that gets OCP back much or all of their money (a very good thing for the current share price) and hence Joey is trying to block their ability to vote to approve that.

In summary It is most likely Joey doesn't want the stake sold, he probably has a dream to buy it back but equally it could be the sale of SV or Aristo (or both) and a major capital return / divided to shareholders (of which Joey isn't entitled to) hence he wants to stop 37% of the stock voting for the disposal/capital return/dividend.

Interesting times and we'll get answer fairly quickly which is good. Can't see much of a down side in the TOV announcement, implies to me that something big and interesting was about to happen, which is good for shareholders and joey is trying his best to stop it so he can buy his shares back.

Market seems to agree and like it.

Could we be close to the final chapter of this story ...... with HTRAN's getting his 25 cents and gloriously getting his XPD losses back ???

(Note: I think OCP's response to the TOV panel maybe that they will only vote up to 19.9% of the stock, not vote the 17% and the panel will agree that is fine ... seems like it destroys most of Joey's argument).