TP02/067
The Panel advises that it has today received an application from Equity-1 Resources NL (E-1R). The application seeks a declaration of unacceptable circumstances and orders in relation to an alleged contravention by Equity-1 Limited (Bidder) of section 631(2) of the Corporations Act.
E-1R asserts that the making and the announcement of the bid by the Bidder were intended to disrupt a meeting of E-1R that was in the process of considering a number of resolutions which would constitute a change to E1-R's activities and that this constitutes unacceptable circumstances. The meeting was subsequently adjourned to Friday 13 December 2002.
E1-R has sought orders that the proposed takeover offer not proceed. Alternatively, E1-R has sought orders that the proposed takeover offer proceed as currently announced and that the Bidder be precluded from preventing the adjourned annual general meeting from occurring at the designated time and place.
The Bidder has previously made an unsuccessful takeover offer for E1-R in the earlier half of this year.
The Panel notes that it has not yet considered the issues raised 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 will shortly appoint a sitting Panel to consider the application.
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
