Monday 11 September 2006 06- LAWFUEL – Australian Law News – The Australian Securities and Investments Commission (ASIC) today called for expressions of interest from investment banks or licensed brokers who wish to be considered for appointment as the seller for approximately 5.11 per cent of Orion Telecommunications Limited (Orion) ordinary shares vested in ASIC.
This follows a decision of the Takeovers Panel to make orders vesting 4,154,497 Orion shares in ASIC. Further details about how the shares are to be sold can be found in the Takeovers Panel’s orders at Annexure B to the Panel’s Media Release No TP06/79. The Takeovers Panel made the orders after making a declaration of unacceptable circumstances in relation to the acquisition of shares in Orion by TelEurope Ltd and various associates and Lewis Securities Ltd and various associates. Expressions of interest from interested investment banks or brokers should provide the following information:
1. the full name of the interested investment bank or broker, the type of licence held by the investment bank or broker and the licence number; 2. details of the relevant experience in relation to the: • sale of similar sized or larger parcels of shares into the market; and • trading in Orion shares in the past 12 months;
3. a description of the investment bank or broker’s client base and evidence that those clients would be willing and able to take up Orion shares;
4. an indication as to whether the investment bank or broker considers it would have any conflict of interest in selling the shares. In particular, the investment bank or broker appointed as the seller will be required to provide to ASIC a statutory declaration that, having made proper inquiries, they are not aware of any interest, past, present or prospective which could conflict with the proper performance of the seller’s functions in relation to the disposal of the shares (see the Panel’s orders paragraph 2(b)); and
5. any other information the broker considers would support its expression of interest. Written expressions of interest should be addressed to John Price, Director of ASIC Applications and Advice, Regulation, and either faxed to (02) 9911 2369 or e-mailed to email@example.com by close of business on 22 September 2006. For further information contact: John Price Director, Regulation Telephone: 03 9280 3639 Mobile: 0403 138 537 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769