The Panel advises that it has received 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 relates 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.
The Panel advises that it has today released for public comment a draft Guidance Note on the Panel's procedures for consulting the public and interested parties on the Panel's rules and advice to the market.
The Panel may make rules under section 658C of the Corporations Act (Act) concerning the operation and function of the takeovers provisions of the Act. It can also make rules under section 195 of the ASIC Act, for how it will conduct proceedings before it. So far the Panel has published its procedural rules, but has made no rules under section 658C.
The Panel advises that is currently considering submissions received in relation to an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators have applied to the Panel under section 656A of the Act for a review of ASIC's decision.
On 13 January 2002 Newmont Mining Corporation (Newmont) applied for interim orders, a declaration of unacceptable circumstances and final orders under sections 657A and 657E of the Corporations Act. The application related to AngloGold Limited's (AngloGold) notice of extension of the closing date for its bid for Normandy Mining Limited (Normandy) from 11 January 2002 to 18 January 2002. On 15 January, the parties settled the issues in dispute to the Panel's satisfaction.
The Panel advises that yesterday it received an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more deeds of company arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators now apply to the Panel under section 656A for a review of ASIC's decision.
An application under section 657A of the Corporations Act by AngloGold Limited for a declaration of unacceptable circumstances in relation to Newmont Mining Corporation's bid for Normandy Mining Limited. The Panel decided on Wednesday, 5 November 2001 not to make a declaration of unacceptable circumstances or orders requiring disclosure by Newmont of an arrangement agreement between it and Franco-Nevada Mining Corporation Limited. These are the reasons for the Panel's decision.
The Panel today published its reasons for the decision in the Normandy No.2 proceedings. The application was made by AngloGold in relation to Newmont Mining Corporation's bid for Normandy Mining Limited.
The Panel today published a Guidance Note outlining the process taken by a sitting Panel and the Panel executive when considering an application. The Guidance Note was prepared in response to feedback received from takeovers market participants and their advisers.
The Guidance Note summarises the steps a sitting Panel usually takes when considering an application and conducting proceedings and outlines the role of the Panel Executive.
The Panel advises that it has accepted undertakings from Magic Millions in relation to Magic Millions' application under section 657EA of the Corporations Act requesting a review of the decisions in the Brisbane Broncos Nos 1 and 2 proceedings. This follows protracted consultation with the parties in the contested takeover, and a further application to the Panel.
Magic Millions has undertaken to make offers to Broncos shareholders for all of their shares at a bid price of 18 cents.
An application under sections 657C and 657E of the Corporations Act by Newmont Mining Corporation (Newmont) for a declaration of unacceptable circumstances, interim and final orders in relation to the modified broker handling fee announced by AngloGold Limited (AngloGold) on 3 December 2001 in connection with its takeover offer for Normandy Mining Limited (Normandy). The Panel declined to make a declaration of unacceptable circumstances or orders on Thursday, 6 December 2001 after AngloGold agreed to withdraw the modified broker handling fee.