CSP00/040
The Panel announced that it has today received an application for a declaration of unacceptable circumstances in relation to the affairs of Pinnacle VRB Ltd. The application is made by Federation Group Ltd which is currently bidding for all the issued shares of Pinnacle (and two classes of option which Pinnacle has on issue). Federation commenced its scrip offer for Pinnacle on 2 October, 2000.
Federation alleges that various statements made by Pinnacle to its shareholders and optionholders in a letter that it released to Australian Stock Exchange on 9 October, 2000 were misleading. The statements were generally in relation to the stage of development and deployment of Vanadium battery technology.
Federation has applied to the Panel for orders requiring Pinnacle to address Federation's concerns about the 9 October letter.
The sitting Panel for this application is constituted by Simon McKeon (President), Professor Ian Ramsay and Ms Robyn Ahern.
Nigel Morris
Director
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au
