Regulatory Alerts2026-06-08
Palmer Leisure Coolum Pty Ltd pleads guilty to takeover law breaches
The Australian Securities and Investments Commission (ASIC) reports that Palmer Leisure Coolum Pty Ltd has pleaded guilty to breaching section 631(1) of the Corporations Act 2001 by failing to make formal takeover offers within the required two-month period. Prosecuted by the Office of the Director of Public Prosecutions following an ASIC referral, the company has been committed for sentencing in the District Court of Queensland. The statutory breach carries a maximum corporate penalty of $55,000.
Palmer Leisure Coolum Pty Ltd (PLC) has pleaded guilty in the Brisbane Magistrate’s Court to breaching takeover law arising from a proposed takeover of The President’s Club Ltd (TPC).
Through its lawyer, PLC entered a plea of guilty to breaching takeover law in section 631(1) of the Corporations Act 2001, after it publicly proposed in 2012 to make a takeover bid for TPC but did not make offers for the securities within the required two-month period.
PLC has been committed for sentencing in the District Court of Queensland on a date to be set.
PLC is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP), following an investigation and referral by ASIC.
Background
Further background to this matter is available in ( 18-095MR ).
Breaching section 631(1) of the Corporations Act 2001 carries a maximum penalty of fines of $55,000 in respect of a corporation.