TP01/101
The Panel advises that it has today received an application by Newmont in relation to the current bid by AngloGold for Normandy. The application relates to AngloGold's announcement yesterday concerning modified handling fees payable to brokers under its bid. The application is for interim and final orders and for a declaration of unacceptable circumstances under section 657A of the Corporations Act.
Newmont has applied for interim orders restraining AngloGold from paying the modified handling fees until the Panel has considered the application, and for final orders which prevent any modified handling fee arrangements which would have the effect of limiting the time Normandy shareholders have to consider the Normandy board's revised recommendation or the AngloGold bid.
In response to the application, the Panel has today accepted an undertaking from AngloGold that it will not make any payments under the modified handling fees announcement until the Panel has had an opportunity to consider the application. Given the need to allow parties to have an opportunity to respond to the application and the Panel to consider those submissions, the Panel currently expects that the earliest that that could be is late on Wednesday evening.
Sitting Panel
The sitting Panel in this matter is constituted by Mr David Gonski (sitting President), Ms Meredith Hellicar (sitting Deputy President) and Ms Ilana Atlas.
Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au
