CSP00/048
The Takeovers Panel advises that it has today received an application from Troy Resources in relation to the issue of shares in Taipan Resources which was the subject of a resolution passed at the Annual General Meeting of Taipan today.
The application relates to a resolution (number 3 on the notice of meeting) that Taipan shareholders considered at today's meeting to approve a proposed issue of up to 25,000,000 shares in Taipan.
Troy has sought an interim order restraining the issue of any of the shares under resolution 3, without the leave of the Panel, pending the decision of the Panel on the substantive application.
Troy has also applied to the Panel for a declaration that the issue of the relevant shares would constitute unacceptable circumstances. Troy asserts that the proposed issue of shares, at this time, would, in the absence of other strong reasons, be for the purpose of impeding Troy's takeover offer.
The sitting Panel for this application 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
