The Takeovers Panel has ordered listed investment company Mariner Corporation to cease all contact with Austock Group and its shareholders after comments on issues before the panel surfaced in the media.
Takeovers Panel director Allan Bulman released details of the orders in a statement to both Mariner and Austock yesterday. Both companies published the statement on the Australian Securities Exchange.
"The interim orders provide that Mariner and its officers not (except with the consent of the panel), directly or indirectly, publish or despatch any material to Austock shareholders, publish any non-public material provided in the proceedings or participate in any canvassing of the matter in the media," Bulman said in the statement.
He said Mariner had provided an "undertaking to the panel" at the time of its application that it would not use or disclose "confidential information provided to it in the proceedings or directly or indirectly participate in the canvassing in any media of any issue that is before (or likely to be before) the panel".
The orders were made in response to an article published in the Australian Financial Review, which quoted Mariner chief executive Darren Olney-Fraser discussing the issues.
"The interim orders have effect until the earliest of a further order of the panel, determination of the proceedings and two months from the date of the interim orders," Bulman said.
In late June, Mariner advised the board of Austock of its intention to make an offer to Austock shareholders to acquire their shares. On Tuesday this week, the company announced it had decided to withdraw its bid.
Mariner's decision to walk away from any potential deal with Austock stems from the company's belief that Austock blocked the bid through the sale of its property funds management business to Folkestone.
Last month, Olney-Fraser told InvestorDaily Austock's deal with Folkestone was a move to "block the takeover".
"A company cannot sell its principal asset during a takeover bid," he said.
At the time, he said Mariner would call in the Takeovers Panel to act as "referee" and address Austock's "dirty" tactics.
