The Takeovers Panel advises that yesterday afternoon, it received an application from Troy Resources for a review of an ASIC decision to grant Taipan Resources an extension of time to dispatch its target's statement in response to Troy's bid for Taipan.
Troy is seeking review of the decision by ASIC to allow Taipan extra time to dispatch its target's statement. The basis for this relief was another application to ASIC, by Troy, to allow Troy to waive the defeating condition in its bid that the Supreme Court of Western Australia not approve, or St Barbara Mines Ltd withdraw its application for approval of, the proposed merger between St Barbara and Taipan. In earlier relief, ASIC had required that Troy make the condition non-waivable.
Taipan was due to dispatch its target's statement by 1 December. The ASIC relief allows Taipan to dispatch its target's statement within two business days of ASIC refusing Troy's application in relation to its defeating condition, or within five business days of ASIC granting such relief. ASIC advises it will make its decision on Troy's application today or tomorrow.
The sitting Panel for this application is Simon McKeon (President), Professor Ian Ramsay and Denis Byrne.
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501