TP05/018
The Takeovers Panel (Panel) advises that it has received an application dated 9 February 2005 from CopperCo Limited (CopperCo) in relation to its takeover offers for all the shares and options in Universal Resources Limited (Universal).
CopperCo's application alleges that there are a number of material misstatements in, and omissions from, a letter dated 2 February 2005 sent by Universal to all of its shareholders in relation to CopperCo's takeover offers.
CopperCo has sought a declaration of unacceptable circumstances under section 657A of the Corporations Act 2001 (Cth) and final orders requiring corrective disclosure in order to rectify the alleged deficiencies.
The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the other parties to the application and it is, therefore, unaware of their views.
The President of the Panel is appointing a sitting Panel to consider the application.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
