Panel Receives Application in Relation to St Barbara's Proposed Bid for Taipan Resources

The Takeovers Panel has received an application for a declaration of unacceptable circumstances in relation to the proposed bid by St Barbara Mines Ltd for Taipan Resources NL. The application was made by Troy Resources on Monday 5 February. Troy is also bidding for Taipan.

The application raises three matters for consideration by the Panel :

• Whether St Barbara must offer the same consideration for Taipan fully and partly paid shares (allowing for the amount to be paid on the partly paid shares);
• Whether there have been any relevant acquisitions of Taipan shares by St Barbara in the four months prior to its bid that would, under sections 621(3) & (4) of the Law, require St Barbara to offer more than it has currently proposed;
• Whether it is appropriate for Taipan directors to consent to shortening the period between St Barbara lodging its bidder's statement with Taipan and ASIC, and sending its offers to Taipan shareholders.

The sitting Panel is Professor Ian Ramsay (sitting President), Denis Byrne and Michael Burgess.

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