CSP00/046
The Takeovers Panel advises that it has today declined an application from Taipan Resources for an interim order to restrain the bidder's statement of Troy Resources in its takeover offer for Taipan.
The application for interim orders related to Taipan's concerns over disclosure by Troy in its bidder's statement.
The Panel considered that the application for interim orders had not met the test of providing evidence of clear and serious deficiencies, either against the provisions of the Corporations Law or the policy of the takeovers provisions. The Panel considered that the balance of convenience lay with allowing Troy to dispatch its bidder's statement. The Panel considered that in the event that it later found any issues to remedy, its other order making powers are adequate to do that.
The Panel is still considering the remaining elements of Taipan's application. They are for a declaration of unacceptable circumstances on the same grounds as the application for interim orders.
The President of the Panel, Mr Simon McKeon said that the Panel is prepared to make interim orders to protect the interests of shareholders but that applicants must show that the harm which may flow from not making the interim orders was real and of substance, and greater than the detriment caused by making the orders.
Mr McKeon also said that it was a well developed rule that as the time available from an application to when a body such as the Panel must make a decision shortened, so to the threshold of alleged harm which an applicant must demonstrate would rise. He said that the Panel would apply this rule in its consideration of interim orders.
The sitting Panel is Simon McKeon (President), Professor Ian Ramsay and Denis Byrne.
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
