Keybridge Capital's application for review declined by Takeovers Panel

Keybridge Capital Limited (ASX: $KBC) sought a review from the Takeovers Panel regarding Vintage Energy Limited's equity raise. The review Panel, including Alex Cartel, Michael Lishman, and Diana Nicholson, declined to conduct proceedings, citing limited circumstances in which Vintage's equity raise could affect control and Vintage's steps to mitigate the potential control effect.

Takeovers Panel's Decision

The review Panel, led by Alex Cartel, Michael Lishman, and Diana Nicholson, declined to conduct proceedings on Keybridge Capital Limited's application for review. They concluded that Vintage Energy Limited's equity raise may have limited circumstances affecting control and that Vintage has taken steps to mitigate the potential control effect, including incorporating a dispersion strategy. The Panel found no reasonable prospect to make a declaration of unacceptable circumstances, leading to the decision to decline proceedings.

Summary of Takeovers Panel's Decision

Keybridge Capital Limited (ASX: $KBC) sought a review from the Takeovers Panel regarding Vintage Energy Limited's equity raise. However, the review Panel, consisting of Alex Cartel, Michael Lishman, and Diana Nicholson, declined to conduct proceedings, citing limited circumstances in which Vintage's equity raise could affect control and Vintage's steps to mitigate the potential control effect. The Panel found no reasonable prospect to make a declaration of unacceptable circumstances, leading to the decision to decline proceedings. The Panel will publish its reasons for the decision on its website www.takeovers.gov.au.