The Panel today released its reasons for its decision not to make a declaration of unacceptable circumstances in relation to the affairs of Pinnacle VRB Ltd. The application was made by Federation Group Ltd on 16 October, 2000. Federation is currently bidding for all the issued shares and options of Pinnacle. The Panel announced its decision on 6 November, 2000.
Instead of making a declaration and orders, the Panel requested Pinnacle to provide its share and option holders, and the market, with additional information in the form of a supplementary target's statement. That supplementary statement has been sent to Pinnacle's share and optionholders and to the stock exchange.
Federation had been concerned 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. Federation had also been concerned about various statements in, or omissions, from Pinnacle's target's statement. The statements were generally in relation to the stage of development and deployment of certain Vanadium battery technology to which Pinnacle owns the rights, and a licence agreement in relation to Pinnacle's VRB technology.
The sitting Panel for this application was constituted by Mr Simon McKeon (President), Professor Ian Ramsay and Ms Robyn Ahern.
The reasons are available on the Panel's website at www.takeovers.gov.au.
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501