- The Australian Takeovers Panel has declined to conduct proceedings on Cromwell Property Group’s (CMW) application
- The application alleged ARA Real Estate Investors and various shareholders are related
- This would have meant they held an undisclosed 35.85 per cent interest and voting power in Cromwell
- However, the Takeovers Panel stated Cromwell did not provide sufficient material to justify further enquiries
- The Panel will publish its reasons for the decision in due course
- Shares in Cromwell are trading 1.29 per cent higher, worth $1.18 at market close
The Australian Takeovers Panel has declined to conduct proceedings on Cromwell Property Group’s (CMW) application.
On December 11, 2019 Cromwell submitted an application to the Takeovers Panel concerning whether various shareholders were related.
Cromwell alleged ARA Real Estate Investors and various shareholders are related, holding an undisclosed 35.85 per cent interest and voting power in Cromwell.
The company said in its application that as of December 4 2019, ARA Real Estate Investors and related entities held 23.66 per cent of Cromwell securities, Jialei Tang held 3.88 per cent, Senz Holdings Limited held 0.31 per cent and people and companies connected to Gordon Tang held 8 per cent.
However, the Takeovers Panel today said it would not conduct proceeding and there was no reasonable prospect of declaring unreasonable circumstances.
“Cromwell did not provide a sufficient body of material to justify the Panel making further enquiries as to whether there were any associations between the ARA Group and the other persons alleged by Cromwell to be associated with the ARA Group,” the statement read.
Cromwell had sought final orders including that the alleged associates vest in ASIC to reduce their combined voting power to 20 per cent.
The Takeovers Panel will publish its reasoning for the decision not to conduct proceedings on its website in due course.
Shares in Cromwell are trading 1.29 per cent higher, worth $1.18 at market close.