ASIC has appointed Morgan Stanley Wealth Management Australia Pty Ltd to sell 22,901,234 ordinary shares (Sale Shares) in Sovereign Gold Company Limited (SOC).
The sale follows a decision by the Takeovers Panel to vest the shares in the Commonwealth for sale by ASIC. The shares represent approximately 1.62% of SOC’s issued capital.
The sale process will follow the requirements specified in the Panel’s orders which are included in ASIC’s letter provided to the ASX on 27 July 2016. Under the orders:
- Morgan Stanley will determine the most appropriate sale method to secure the best available sale price for the Sale Shares that is reasonably available and will dispose of the shares no later than 3 months from today’s appointment;
- each of Applabs Technologies Limited, Patrick Glovac, Rocco Tassone and Charles Thomas and their respective associates are not permitted to directly or indirectly purchase any of the shares; and
- prospective purchasers must provide a statutory declaration that they are not associated with Applabs Technologies Limited, Patrick Glovac, Rocco Tassone or Charles Thomas – unless the shares are sold on market.