Panel Receives Application by Troy for Review of Taipan 10 Decision

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The Takeovers Panel has received an application from Troy Resources for a review of the Panel's decision in the Taipan 10 proceedings. Taipan 10 was an application by Troy dated 27 February for a declaration of unacceptable circumstances and orders in relation to St Barbara Mines' bid for Taipan Resources. Troy is also bidding for Taipan.

The application by Troy requests a review of the following decisions made by the Panel on 27 March:

  • that St Barbara will have adequate funding available to meet its obligations under its bid and St Barbara has made adequate disclosure in relation to its funding arrangements;
  • that the level of forecast disclosure by St Barbara is adequate;
  • that the valuation of the scrip/cash alternative in St Barbara's bidder's statement is not unacceptable; and
  • that other issues raised by Troy in its application did not constitute unacceptable circumstances or, to the extent that they may have been unacceptable, they have been adequately remedied by St Barbara's supplementary disclosure.

The President of the sitting Panel in the Taipan 10 proceedings, Mr Denis Byrne, has consented to the application for review subject to Troy agreeing to provide an undertaking to pay the other parties' costs if the review application fails. Troy has agreed to provide this undertaking.

The President of the Panel Mr Simon McKeon is currently assembling a Review Panel to sit on the matter.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501