The Takeovers Panel advises that it has today published the reasons for the Review Panel's decision to dismiss the application for the review of a number of decisions made by the sitting Panel in the matter of Taipan Resources NL (No. 10). That matter arose from an application brought by Troy Resources NL on 27 February 2001, which concerned a takeover bid by St Barbara Mines for all of the shares in Taipan Resources. The application for review was made by Troy on 30 March and 3 April 2001. Troy had also made a bid for Taipan.
On 5 June 2001, the Review Panel announced that it had affirmed the decisions made by the sitting Panel in the matter of Taipan Resources NL (No. 10), and therefore dismissed Troy's application for review.
Pursuant to an undertaking provided by Troy to the President of the Panel, Troy will now pay the reasonable costs of the parties in relation to the review proceedings.
The sitting Panel for this matter is Dr Annabelle Bennett SC (sitting President), Peter Cameron (sitting Deputy President) and Professor Ian Ramsay.
The sitting Panel's reasons are available on the Panel's website: www.takeovers.gov.au .
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501