Pinnacle VRB Ltd 09b

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

Pinnacle VRB Ltd 09a

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.

Pinnacle VRB Ltd 11

An application under section 657EA of the Corporations Act by Vanteck (VRB) Technology Corp (Vanteck) for a review of the decision of the Panel in Pinnacle VRB Ltd No.10 to make a declaration of unacceptable circumstances and orders in relation to Vanteck’s takeover bid (the Bid) for Pinnacle VRB Limited (Pinnacle). The review Panel has declared that unacceptable circumstances exist and has made orders unwinding the Disputed Acceptances.

Bigshop.com.au Limited 02

On 15 October 2001, we decided that the proposed placement of Bigshop shares to Macquarie and related advisory agreements could be said to be likely to lead to the defeat of Fast Scout's bid. Therefore, we advised Bigshop that to implement the Proposed Placement without shareholder approval would constitute unacceptable circumstances. We decided not to make a declaration of unacceptable circumstances in response to the application by Fast Scout Ltd dated October 2001 seeking review of an earlier Panel decision (Bigshop 01) not to make a declaration of unacceptable circumstances.

Panel Publishes Reasons for Ordering Dispatch of Replacement Bidder's Statement to Bigshop Shareholders

The Takeovers Panel (the Panel) advises that it has published the reasons for its decision to grant interim orders for the dispatch of the replacement bidder's statement of Fast Scout Limited (Fast Scout) in relation to its takeover offer for Bigshop.com.au Limited (Bigshop).

Review Panel Requires Bigshop Placement to be Put to Shareholders

The Panel today advised the directors of Bigshop.com.au Ltd that a proposed issue to Macquarie Bank Limited of 6.667 million shares in Bigshop should go to Bigshop shareholders for approval. The decision was in response to an application by Fast Scout Limited to the Panel for review of the Panel's decision of 27 September 2001, when the Panel decided (in its Bigshop 01 decision) not to make a declaration of unacceptable circumstances in relation to the proposed issue.

Panel Declares Unacceptable Circumstances in Relation to Vanteck's Takeover for Pinnacle Over Listing Application

The Panel advises that it has today made a declaration of unacceptable circumstances and final orders in relation to Vanteck (VRB) Technology Corp's takeover bid for Pinnacle VRB Limited. Vanteck is listed on the Canadian Venture Exchange. The Panel has ordered that Vanteck proceed as soon as practicable to make an application for quotation of its securities on ASX and that it extend the closing date of its bid. Pinnacle shareholders who have accepted since that announcement will also be able to withdraw their acceptance of the bid.

During the proceedings, ASIC submitted that :

Panel Makes Declaration and Orders in Pinnacle No.11 Proceedings

The Panel advises that the Pinnacle No.11 Panel has today made 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 review Panel's decision confirms the views of the Pinnacle No.10 Panel in its decision of 5 October 2001 relating to acceptances made by Credit Suisse First Boston Australia Equities Private Ltd (CSFB) on 22 and 23 September 2001 on behalf of Ronay Investments Pty Ltd (Ronay) and some other Pinnacle shareholders.

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