The Panel advises that it has today received an application by Newmont in relation to the current bid by AngloGold for Normandy. The application relates to AngloGold's announcement yesterday concerning modified handling fees payable to brokers under its bid. The application is for interim and final orders and for a declaration of unacceptable circumstances under section 657A of the Corporations Act.
The Panel advises that the Pinnacle No.11 Panel has today published the reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to Vanteck (VRB) Technology Corp's (Vanteck) takeover bid for Pinnacle VRB Ltd (Pinnacle).
The Panel advises that it has commenced proceedings in an application by AngloGold in relation to the proposed bid by Newmont Mining for Normandy. The application is for a declaration of unacceptable circumstances under section 657A of the Corporations Act.
The Panel has decided to consider whether documents setting out the terms of the Plan of Arrangement, which Newmont and Franco-Nevada announced on 14 November had been agreed between them, should be disclosed to the market and to Normandy shareholders.
The Takeovers Panel advises that it has finalised its Rules for Proceedings, and has posted them on its website.
The Panel had been operating on draft Rules while the draft was out for public consultation.
The revised Rules take into account the comments received by interested practitioners and market participants.
The President of the Panel, Mr Simon McKeon, said that he was very pleased with the input from market practitioners, which the Panel considers vitally important to its efficient and effective operation.
The Panel advises that it yesterday received a further application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application seeks a declaration of unacceptable circumstances in relation to a break fee which was agreed in a deed of undertaking dated 14 November 2001 between Normandy and Newmont.
Under the break fee arrangement Normandy agrees, in certain circumstances where Newmont's bid is not successful, to pay various costs incurred by Newmont up to a cap of A$38.33 million.
The Panel advises that it has today received an application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application is for a declaration of unacceptable circumstances under section 657A of the Corporations Act.
AngloGold had asserted that
The Panel advises that it has today ended the interim order under section 657E of the Corporations Act that it made on 22 November 2001. Normandy Mining is now free to dispatch its target's statement. Anglogold applied last week to the Panel for an interim order concerning Normandy's target's statement in response to AngloGold's takeover bid for Normandy.
The Panel advises that it has today made an interim order under section 657E of the Corporations Act restraining the dispatch of the target's statement of Normandy Mining until 5.00 p.m. ESST on Monday 26 November. Anglogold applied to the Panel today for an interim order concerning Normandy's target's statement in response to AngloGold's takeover bid for Normandy.
In the course of proceedings in relation to an application by Vanteck (VRB) Technology Corp (Vanteck) regarding letters sent by Mr David Pethard to shareholders of Pinnacle VRB Limited (Pinnacle), the Australian Securities and Investments Commission (ASIC) submitted that the Panel should make a declaration under section 657A of the Corporations Act in relation to: (a) an announcement by Vanteck of its intention to list on the Australian Stock Exchange (ASX) and Vanteck’s failure to apply for that listing; and (b) a letter sent to Pinnacle’s directors on behalf of Vanteck asserting that t
An application under section 657C of the Corporations Act by Vanteck (VRB) Technology Corp. to the Takeovers Panel for a declaration of unacceptable circumstances and final orders from the Panel in relation to Vanteck’s takeover bid for Pinnacle VRB Limited. The Panel decided not to make a declaration of unacceptable circumstances but sought an undertaking from Mr David Pethard to send a letter of clarification to Pinnacle shareholders.