The Takeovers Panel has released a draft guidance note relating to provisions on schemes of arrangement and amalgamations intended to be inserted into Part 15 of the Companies Act 1993 on enactment of the Companies and Limited Partnerships Amendment Bill, which is currently before the Commerce Committee.

The Takeovers Panel proposes following similar procedures to those followed by the Australian Securities and Investments Commission for the giving of a "no objection statement" which a scheme's promoter(s) can produce to the Court when seeking approval of a scheme. The draft guidance note deals with how to apply for a no objection statement and the Panel's process for providing the statement.

The draft guidance note can be found here. Submissions on the note are due by 26 October 2012. The guidance note may need revision if the Commerce Committee recommends substantive changes to Companies and Limited Partnerships Amendment Bill when it reports back to the House, which it must do by 24 January 2013.