Application in relation to St Barbara Mines Limited

Release number


The Takeovers Panel advises that it has received an application on 27 September 2000 by shareholders of St Barbara Mines Limited for a declaration of unacceptable circumstances in relation to the proposed merger of St Barbara and Taipan Resources NL which was announced on 13 June 2000. Under the proposed scheme of arrangement each St Barbara shareholder (other than Taipan) will receive three Taipan shares for each St Barbara share held. Similar terms will be offered to St Barbara optionholders.

The applicants have also sought interim and final orders in relation to the proposed merger and the shareholdings of Strata Mining Corporation NL and Larue Investments Inc and Associates. They have also sought declarations from the Panel that various statements contained in the explanatory memorandum are misleading.

The sitting Panel on this application is made up of the President of the Panel, Mr Simon McKeon, Professor Ian Ramsay and Mr Denis Byrne.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street, Melbourne
(03) 9655 3501