The Takeovers Panel advises that it has today affirmed ASIC's decision to grant Taipan Resources an extension of time to dispatch its target's statement in response to Troy's bid for Taipan. The Panel received an application from Troy Resources on Monday 4 December, for a review of ASIC's decision.
ASIC had accepted Taipan's argument that it needed time to consider the outcome of an application by Troy to ASIC, to allow Troy to waive a defeating condition in its bid for Taipan. The condition was 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.
ASIC has now declined to grant Troy this relief. Under the existing ASIC relief, Taipan is obliged to dispatch its target's statement by 7 December. Troy had been seeking the earliest possible dispatch of the Taipan target's statement. Even if the Panel had found completely in favour of Troy in its review of the ASIC decision, it could have made no order that would have caused Taipan's target's statement to be sent any earlier.
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