Takeovers Panel Declines to Conduct Proceedings on CUE Energy
Key points
- Panel declines to conduct proceedings on CUE Energy's application
- Relates to Horizon Oil's off-market takeover bid for CUE Energy
- Panel finds no reasonable prospect of unacceptable circumstances
Full summary
The Takeovers Panel has declined to conduct proceedings on an application from Cue Energy Resources Limited (Cue) in relation to its affairs. Cue is currently the subject of an off-market takeover bid by Horizon Oil Limited (Horizon). Cue's application concerned a pre-bid agreement between Horizon and Echelon Resources Limited (Echelon) pursuant to which Echelon agreed to sell an amount of shares equal to approximately 19.99% of Cue's shares to Horizon. Cue also raised issues regarding an alleged undisclosed association between Horizon and Echelon and alleged contraventions of standstill-like provisions in consultancy agreements between Cue and Echelon. After considering the matter, the Panel concluded that there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.
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