Panel makes adverse ruling on Tribune

The Takeovers Panel has made a finding of unacceptable circumstances against ASX-listed Tribune Resources, which is led by managing director Anthony Billis.

Its ruling follows long-running speculation about Tribune, which has three major shareholders - Sierra Gold, Trans Global Capital and ASX-listed Rand Mining, which hold 16.04 per cent, 16.91 per cent and 26.32 per cent respectively.

The Takeovers Panel considered that the market has not been informed, and continues not to be informed, of persons who have a relevant interest in Tribune shares held by Sierra, Trans Global and Rand.

It concluded that tracing notice responses by Sierra, Sierra Gold Pty Ltd, Trans Global and Rand contain material that, in the submissions made by those parties to the panel, was and is false.

If material provided to the panel in the submissions by Tribune, Sierra, Sierra Gold Pty Ltd, Trans Global and Rand is accurate, there have been numerous contraventions of the substantial holding provisions in relation to Tribune shares.

The Takeovers Panel said it was concerned there may be contravention of the Takeovers Code (the prohibition in s606) but did not reach any conclusions.

The panel is considering what final orders it will make and will publish details in due course.

However, the panel made interim orders last month prohibiting Mr Billis, his wife Phanatchakorn Wichaikul, along with Sierra, Trans Global, Rand, Nimby WA Pty Ltd, Lake Grace Exploration Pty Ltd and Northwest Capital Pty Ltd from disposing, transferring, charging or otherwise dealing with their shares in Tribune.

The panel concluded that Mr Billis and his wife have acted in concert in relation to the affairs of Tribune and are considered to be associated with each other.

The two ASX companies at the centre of the Takeovers Panel inquiry have identical boards - Mr Billis, along with Otakar Demis and Gordon Slenka.

While Rand owns 26.3 per cent of Tribune, Tribune owns 44.1 per cent of Rand.