THE Takeovers Panel has made further orders that delay further Rivkin Financial Services proposed rights issue.
It has now ordered that the rights issue be held off until seven days after the panel has concluded its proceedings.
In an announcement to the Australian Stock Exchange, the panel says it is concerned to ensure that trading in RFS rights do not occur in circumstances where, due to the panel’s ongoing proceedings, there continues to be uncertainty as to whether the rights issue will proceed or the circumstances in which it will proceed.
The panel had earlier ordered that the rights issue be delayed until January 14.
RFS has been the subject of a bitter takeover battle since the company’s driving force, banned stockbroker Rene Rivkin, sold his stake in the company.
Its board is currently controlled by Western Australian businessman Farooq Khan.