TP02/004
(Normandy 07)
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 notice of extension of its bid for Normandy. The notice was sent to Normandy shareholders last Friday. The application is for interim and final orders and for a declaration of unacceptable circumstances under section 657A of the Corporations Act.
In the notice, AngloGold stated:
"Although we have not declared the offer final, we have said that this offer is full and fair and that we have no basis upon which we could justify a further increase in the offer."
Newmont contends that AngloGold's CEO, Mr Bobby Godsell, has made statements to the media in the last two weeks to the effect that the AngloGold bid is final, and will not be increased. It asserts that in light of Mr Godsell's statements, the notice is misleading and that AngloGold should advise the market that it has, through Mr Godsell's statements, declared its bid to be final.
Newmont contends that two other statements in the AngloGold notice are inaccurate.
There are elements of the application which the parties may be able to resolve between themselves. If this is possible, the Panel has encouraged the parties to do so quickly.
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
