Pengana International Equities Sees Takeovers Panel Application Withdrawn by Pengana Capital Group
MT Newswires Live
Sep 29
Pengana International Equities (ASX:PIA) said the Takeovers Panel has agreed to let Pengana Capital Group withdraw its complaint, filed on Aug. 31, about PIA's share buy-back and related rights issue, according to a Tuesday Australian bourse filing.
The withdrawal follows a settlement reached on Sept. 16 between the two companies that resolved court proceedings over the buy-back, the filing added.
The Panel said it had concerns about whether the buy-back's structure was appropriate under takeover law, but decided not to rule on those issues now that the dispute has been settled, while noting that other parties remain free to raise the matter again if new developments warrant it.
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