The recent decision of the Takeovers Panel in Ambassador Oil and Gas Limited 01  ATP 14 (Ambassador 01) provides guidance to the market on the Takeover Panel’s current approach to intention statements and matching rights.
There has been a stratospheric rise in online and app-based social gaming due to the ubiquity of internet and smartphone use. As these games grow in popularity, consumers of all ages are increasingly willing to exchange “real” money for virtual currency within the game environment. This raises regulatory issues relevant to consumer protection, gambling, anti-money laundering and banking and financial services.
In this issue of the WA Resources Update, your regular newsletter about key developments for the Western Australian mining sector, we look at the major trends in the Australian resources sector, the Exploration Development Incentive, the dispute between the receivers for Forge Group Limited and APR Energy and contracts and standard form precedents for energy and resources projects.
The recent news concerning the dispute between the receivers for Forge Group Limited and APR Energy over approximately $50 million worth of gas turbines has emphasised the risks for companies involved in the equipment lease business since the introduction of the Personal Property Securities Act 2009 (Cth)
The G20 financial regulatory reforms initially approved by the IMF in 2010 are slowly being clarified and implemented by the IMF’s member governments. As expected these reforms have been controversial and subject to significant debate and lobbying.
On 18 July 2014, the Takeovers Panel released the fourth issue of Guidance Note 12: Frustrating Action (GN12). The amended GN12 adds a new matter that the Takeovers Panel will have regard to in considering whether a target company has engaged in frustrating action that constitutes “unacceptable circumstances”. The Takeovers Panel had previously released a consultation paper seeking public comment in relation to its proposed amendments to GN12 (Consultation Paper).
On 17 July 2014 the Australian Government repealed the legislation which created Australia’s ‘carbon pricing mechanism’ (commonly referred to as the ‘carbon tax’). The ‘carbon tax’ took about 5 years to implement – and lasted only 2.