Locality Planning Energy Holdings Limited directors offer undertakings to address Panel concerns

Locality Planning Energy Holdings Limited (ASX: $LPE) directors have offered undertakings to address concerns raised by the Panel in response to an application from River Capital Pty Limited regarding the off-market takeover bid by River Capital. The Panel declined to make a declaration of unacceptable circumstances after the directors offered undertakings to address the concerns.

Executive Commentary

The Panel declined to make a declaration of unacceptable circumstances after considering the undertakings offered by the directors of Locality Planning Energy Holdings Limited. The directors have agreed to address the Panel's concerns by offering undertakings, which require them to accept River Capital's bid in relation to the shares they acquired during the Relevant Period if those acceptances would result in River Capital obtaining voting power in Locality over 50%. The Panel considered that declining to make a declaration of unacceptable circumstances was not against the public interest.

Summary

Locality Planning Energy Holdings Limited directors have offered undertakings to address concerns raised by the Panel in response to an application from River Capital Pty Limited regarding the off-market takeover bid by River Capital. The Panel declined to make a declaration of unacceptable circumstances after considering the undertakings offered by the directors. The undertakings require the directors to accept River Capital's bid in relation to the shares they acquired during the Relevant Period if those acceptances would result in River Capital obtaining voting power in Locality over 50%. The Panel considered that declining to make a declaration of unacceptable circumstances was not against the public interest. The Panel will publish its reasons for the decision in due course on its website www.takeovers.gov.au.