Palmer Leisure Coolum Pty Ltd (PLC) has been sentenced for breaching takeover law arising from a proposed takeover of The President’s Club Ltd (TPC).

PLC pleaded guilty in June 2026 to breaching section 631(1) of the Corporations Act 2001 arising from a public proposal in 2012 to make a takeover bid for TPC. PLC failed to make offers for the TPC securities within the required two-month period.

In the District Court of Queensland today, PLC was convicted and fined $10,000.

PLC was 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) and (26-113MR).
PLC's breach of section 631(1) of the Corporations Act 2001 carried a maximum penalty of $55,000.