Application to Takeovers Panel in Relation to Ballarat Goldfields NL

The Panel advises that it has received an application from RFC Corporate Finance (as agent for a group of shareholders) in relation to a break fee entered into by Ballarat Goldfields.

Ballarat granted the break fee to Rexadis P/L (a company associated with past or present officers of Ballarat) in relation to a proposal by Rexadis to acquire the core gold assets of Ballarat.

RFC asserts that size of the break fee is too large, especially when it had put forward an alternative proposal for Ballarat shareholders to consider for the future of their company.

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These are our reasons for granting a modification of section 652B of the Corporations Act (Act), in relation to a takeover bid for Brisbane Broncos Ltd ("Broncos") by Magic Millions League Pty Ltd ("Magic Millions"). The modification allows Magic Millions to withdraw its offers if frustrated in its offer by another person acquiring more than 50% of the voting power in Broncos. This decision is in response to an application by Magic Millions to ASIC for a similar modification.

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These are our reasons for deciding that circumstances were unacceptable, but declining to make any declaration, in relation to the affairs of Brisbane Broncos Ltd ("Broncos") and for accepting undertakings to ensure that Broncos shareholders received takeover offers by BB Sports Pty Ltd ("BB") at 17 cents per share for 50% of their Broncos shares, and takeover offers by Magic Millions League Pty Ltd ("Magic Millions") at 18 cents per share for 100% of their Broncos shares, and that, as far as possible, both bids proceed as if the unacceptable circumstances had not occurred.

Panel Publishes Decision and Reasons in Pasminco

The Panel advises that it has, by majority, granted conditional relief in response to an application by the Administrators of Pasminco (in their capacity acting for the principal creditors of Pasminco (Creditors)). The application relates to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement (Deed) under Part 5.3A of the Corporations Act (Act). On 19 September 2001, the directors of Pasminco appointed the Administrators. Pasminco's shares are suspended from trading.

Panel Declines Application by Westgold NL

The Panel advises that it has decided not to proceed with hearing an application by Westgold in relation to a non-renounceable rights issue prospectus, dated 15 February 2002, issued by Precious Metals Australia Ltd (PMA). The application was received on 7 March. It related to concerns that Westgold asserts about the effect on the level of control of PMA that an underwriting agreement for the rights issue may have if there is a significant shortfall in the rights issue.

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