Panel Makes Interim Order in Relation to Reliable Power's Takeover Bid for Pinnacle VRB Limited

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The Corporations and Securities Panel yesterday made an interim order suspending until 1 May 2001 the operation of the orders made by the Panel on 9 April 2001, stopping Reliable Power Inc's (Reliable) off market cash takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle) (the Bid).

The Panel made this interim order to preserve the status quo while it considers the application for review of the decision and orders made in relation to Pinnacle No. 4 on 9 April 2001.

The effect of this interim order is that, unless the Panel makes a further order, Reliable's Bid remains on foot until 1 May 2001.

The application for review was received from Reliable on 10 April 2001.

George Durbridge
Counsel, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000

Ph: +61 3 9655 3553