Emperor Mines Limited - Panel Receives Application for Review

Release number


The Panel announces that it today received an application from Durban Roodeport Deep, Limited (DRD) and DRD (Isle of Man) Limited (DRD IoM) for review of the decision made by the sitting Panel (the Initial Panel) in the Emperor Mines Limited (Emperor) proceeding. The Application relates to a 4-for-10 pro-rata, non-renounceable rights issue by Emperor and an associated shortfall facility and underwriting arrangements.

The decision in Emperor Mines was announced on 18 October 2004 by Panel media release TP04/94. A copy of that media release is available from the Panel's website.

DRD and DRD IoM request that the review Panel change the declaration of unacceptable circumstances made by the Initial Panel and, failing that, undertake a fresh consideration of the orders that might need to be made. However, DRD has not sought to challenge the Initial Panel’s order modifying the shortfall facility. That order is discussed in the Media Release referred to above.

The President of the Panel has appointed Justice Robert Austin (sitting President), Kevin McCann and Irene Lee as the sitting Review Panel.

The Panel has not yet sought the views of Power Treasure Limited, Phoenix Gold Fund Limited or Floreat Fund Limited (the applicants in the initial Emperor Mines proceeding), Emperor or other persons potentially involved in the Application and has therefore formed no views on the Application.

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501