The Panel advises that it has received an application from Vanteck (VRB) Technology Corp requesting a review of the decision of the sitting Panel in the Pinnacle No.10 proceedings.
The sitting Panel in Pinnacle No.10 made a declaration of unacceptable circumstances and final orders requiring a group of acceptances for approximately 1.6 million shares be reversed in the bid by Vanteck for Pinnacle VRB Limited. The Pinnacle No.10 application had been made by Ronay Investments Pty Ltd and Mr David Pethard in relation to the disputed acceptances.
The Pinnacle No. 10 Panel's final orders also continue the effect of the interim orders made by it on Friday, 28 September 2001. This is necessary to preserve the current position of the Pinnacle shares in dispute, and the Vanteck shares issued as consideration, until the review Panel reaches its decision in relation to the review.
The review Panel has decided to conduct proceedings and will shortly issue a brief to parties seeking submissions in relation to the substantive issues in question in the review application.
Vanteck's offer is due to close on Friday 12 October 2001 and a general meeting of Pinnacle shareholders called by Vanteck pursuant to section 249F of the Corporations Act is due to be held on Monday 15 October 2001. The Panel does not expect that it will be able to reach a decision in relation to the Application before Monday 15 October 2001.
The Panel is considering making interim orders to extend Vanteck's offer until a date not earlier than Friday 19 October 2001 and to postpone Pinnacle's EGM to a date not earlier than Monday 22 October 2001 to give the Panel sufficient time to resolve the issues raised in the application. The Panel has invited parties to make submissions in relation to whether those interim orders should be made.
The Panel in this matter is constituted by Mr Simon McKeon (sitting President), Mr Kevin McCann (sitting Deputy President) and Mr Chris Photakis.
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501