The Panel today released for public comment a draft Guidance Note on its powers to make Costs orders in matters before the Panel.
The Panel said that it will not generally make costs orders because its proceedings are intended to be quick informal and commercial. Therefore, the costs to parties appearing before it are likely to be low.
These are our reasons for refusing applications made by BB Sports Pty Ltd (“News”) and by ASIC for declarations of unacceptable circumstances and orders in relation to the affairs of Brisbane Broncos Ltd (“Broncos”), because Magic Millions League Pty Ltd (“Magic Millions”) had announced but not made a takeover bid for Broncos and because of the terms of an announcement by News that it would bid for Broncos.
The Panel is pleased to advise the resolution of the application by Newmont in relation AngloGold's notice of extension of its bid for Normandy which the Panel announced yesterday. The notice was sent to Normandy shareholders last Friday.
Newmont had raised concerns about the statement in the notice:
"Although we have not declared the offer final, we have said that this offer is full and fair and that we have no basis upon which we could justify a further increase in the offer."
The Panel advises that it has today published the reasons for its decision in relation to the application concerning the announcement by Magic Millions League that its proposed takeover offer for the Brisbane Broncos will not proceed (Brisbane Broncos No.1) and the cross-application concerning a condition of BB Sports takeover offer for the Brisbane Broncos (Brisbane Broncos No.2). The Panel's decision was made on 3 January 2002.
(Normandy 07)
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 notice of extension of its bid for Normandy. The notice was sent to Normandy shareholders last Friday. The application is for interim and final orders and for a declaration of unacceptable circumstances under section 657A of the Corporations Act.
In the notice, AngloGold stated:
These are our reasons for refusing an application by AngloGold Limited (AngloGold) for a declaration of unacceptable circumstances and orders in relation to the takeover bid announced on 14 November 2001 by Newmont Mining Corporation (Newmont) for the issued shares in Normandy Mining Limited ABN 86 009 295 765 (Normandy), resulting from the interaction between that bid and a Plan of Arrangement under Canadian law under which it is proposed that Newmont will acquire Franco-Nevada Mining Corporation Limited (Franco-Nevada).
The Panel advises that it has today published the reasons for its decision in the Normandy No.4 proceedings.
The Panel advises that it yesterday received an application from Magic Millions under section 657EA of the Corporations Act requesting a review of its decisions in the Brisbane Broncos Nos 1 and 2 proceedings.
The Panel advises that it has today reached a decision in relation to the application concerning the announcement by Magic Millions League Pty Ltd that its proposed takeover offer for the Brisbane Broncos Ltd will not proceed (Brisbane Broncos No.1) and the cross-application concerning a condition of BB Sports Pty Ltd takeover offer for the Brisbane Broncos Ltd (Brisbane Broncos No.2).
The Panel advises that it has received an application for a declaration of unacceptable circumstances and orders under sections 657A and 657D(2) of the Corporations Act from BB Sports Pty Ltd (a subsidiary of The News Corporation Ltd). The application relates to the announcement by Magic Millions League Pty Ltd on 17 December 2001 that its proposed takeover offer for the Brisbane Broncos Ltd will not proceed.