10 April 2012
ASX URL: http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=wec#headlines
After close of business 5 April 2012 the Supreme Court of Western Australia, following an application by BCBC Singapore Pte Ltd ("BCBCS"), granted freezing orders in respect of PT Bayan Resources Tbk ('Bayan")'s shareholding in Kangaroo Resources Limited ("Kangaroo"), a publicly listed Australian company. Bayan holds around 56% of the shares in Kangaroo.
The orders made by the Supreme Court of Western Australia, amongst other things:
* prohibit Bayan from encumbering its shares in Kangaroo
* prohibit Bayan from transferring its shares in Kangaroo to a related party
* prohibit Bayan from disposing of its shares in Kangaroo to any entity, or diminishing the value of those shares, without first giving BCBCS 7 clear business days notice
* prohibit Kangaroo from registering any transfer of shares from Bayan to a related party
* prohibit Kangaroo from registering any transfer of shares from Bayan to any other entity or disposing of assets of Kangaroo with a value of $5 million, without first giving BCBCS 7 clear business days notice.
The orders will remain in place up to and including 18 April 2012 when the Western Australian proceedings are listed for further hearing. BCBCS will submit at that hearing that the orders should be further extended.
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