Great Mines Limited - Citigold Corporation Limited Bid for Great Mines Limited: Panel Received Application from ASIC

Release number


The Panel has received an application from the Australian Securities and Investments Commission (ASIC) dated 9 December 2003 alleging unacceptable circumstances in relation to the off market scrip takeover bid of Citigold Corporation Limited (CTO) for all of the issued ordinary shares in Great Mines Limited (GML).

ASIC alleges that unacceptable circumstances arise from deficiencies in CTO’s bidder’s statement, specifically:

  • GML shareholders and directors have not been given enough information to enable them to assess the merits of the CTO bid; and
  • the bidder’s statement contains misinformation insofar as it contains valuations of CTO and GML that have no reasonable basis and contains references to ASIC’s “acceptance” of a valuation and to an endorsement by a mining engineer, without consent.

ASIC seeks an interim order that the offers under the CTO takeover bid be extended for a period of 10 business days from the date the Panel makes a final decision in relation to its application.

ASIC also seeks final orders that CTO lodge a supplementary bidder’s statement to rectify the issues raised in its application and any other orders the Panel thinks appropriate in the circumstances.

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