Selwyn Mines Limited - Panel Receives Application in Relation to Selwyn Mines Limited (Receivers and Managers Appointed)

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The Panel has received an application from Hillgrove Gold Limited (HGL) dated 9 September 2003 alleging unacceptable circumstances in relation to failure of the Receivers and Managers (Receivers) of Selwyn Mines Limited (Receivers and Managers Appointed) (Selwyn) to provide information to the directors of Selwyn in order to enable them to understand the legal status of negotiations between the Receivers and a third party proposing to acquire the assets of Selwyn.

On 6 September 2003, HGL and Grange Resources Limited announced their intention, through an equally and jointly owned nominee, to make an off-market scrip bid for all of the fully paid ordinary shares in Selwyn (Bid).

HGL applies for final orders that:

  • the Receivers provide information to the directors of Selwyn to enable them, the ASX and the market to consider the relative merits of the proposal by a third party to acquire the assets of Selwyn and the Bid; and
  • the Receivers be prevented from further negotiating or entering into any binding agreement with the third party until such time as the directors of Selwyn are able to assess and obtain independent legal advice on the legal status of any agreement with the third party.

HGL has not sought any interim orders.

The Panel has not yet sought the views of other persons potentially involved in the application and has therefore formed no views on the application.

The President of the Panel has yet to appoint a sitting Panel to consider the application.

George Durbridge,
Director, Takeovers Panel
Level 47 Nauru House,
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553