The Takeovers Panel today advises that it has declared that St Barbara Mines caused unacceptable circumstances and breached section 606 of the Corporations Law by acquiring 4 million shares in Taipan Resources on 12 October 2000. St Barbara thereby increased Strata Mining Corporation's voting power in Taipan to more than 20%. An application for the declaration was made by Troy Resources on Tuesday 13 February. Troy is also bidding for Taipan.
The Panel has invited St Barbara and ASIC to make submissions on the orders proposed by the Panel following the declaration of unacceptable circumstances. The orders relate to 2.7 million Taipan shares - the number of shares by which St Barbara's acquisition caused Strata's voting power to exceed 20%.
The Panel's previous media release of 23 February 2001 noted that the application raised other concerns, asserting that St Barbara is associated with various other persons who have recently dealt in Taipan shares, and the consequences if these associations were made out. The Panel invited ASIC to make some further enquiries in relation to these elements. The Panel has not yet received formal advice from ASIC on those enquiries.
The Panel for this matter is Prof. Ian Ramsay, Denis Byrne and Trevor Rowe.
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501