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AFI
31/07/2012 12:37
GENERAL
REL: 1237 HRS Australian Foundation Investment Company Limited
GENERAL: AFI: Media Release
MEDIA RELEASE
No: TP12/49
Tuesday, 31 July 2012
Hastings Diversified Utilities Fund 02 - Panel Declines to Conduct
Proceedings
and Publishes Reasons
The Panel has declined to conduct proceedings on an application dated 19 July
2012
from Australian Foundation Investment Company Limited (AFI), a unit holder in
Hastings Diversified Utilities Fund (HDF), in relation to the affairs of HDF.
The application concerned the provision of a proper and full independent
evaluation
of the internalisation of management of HDF in the context of a takeover bid
for HDF
by Pipeline Partners Australia Pty Ltd (PPA). HDF is also currently the
subject of a
competing bid by APT Pipelines Limited.
A summary of the application is set out in TP12/43. The Panel considered that
the
application was premature given that the target's statement, and a proposed
independent expert report, had not yet been provided in response to PPA's
bid.
Accordingly the Panel considered that there was insufficient material on
which to
determine that the information for unit holders will be deficient.
The Panel concluded that there was no reasonable prospect that it would at
this stage make a declaration of unacceptable circumstances, and declined to
conduct
proceedings. If the information in the target's statement or independent
expert report appears inadequate, AFI (or others) could make a fresh
application.
The sitting Panel was John Fast (sitting President), Rod Halstead and Mike
Roche.
The Panel's reasons can be found on the Panel's website at
www.takeovers.gov.au.
Allan Bulman Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
[email protected]
End CA:00225489 For:AFI Type:GENERAL Time:2012-07-31 12:37:53
