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.
The Panel advises that it has today published the reasons for its decision in the matter of Normandy No. 5. The application had been made by Newmont Mining Corporation concerning the modified handling fees that AngloGold Limited announced on 3 December 2001. The modified handling fees were to be payable to brokers whose clients accepted AngloGold's offer for Normandy Mining Limited on or before 11 December 2001.
Further to its announcement on Tuesday 29 January, the Panel advises that it is still continuing discussions with parties in relation to the application from Magic Millions under section 657EA of the Corporations Act requesting a review of the decisions in the Brisbane Broncos Nos 1 and 2 proceedings.
The President of the Australian Takeovers Panel, Mr Simon McKeon, today said he was delighted that Mr John King had been appointed as a New Zealand member of the Australian Takeovers Panel.
He agreed with Senator Campbell, the Parliamentary Secretary to the Treasurer, that Mr King's appointment is a significant step in promoting greater cooperation across Australian and New Zealand regulatory regimes.
The Panel advises that on Friday evening, 25 January, it received an application from Focus Technologies Ltd under section 657C of the Corporations Act requesting a declaration of unacceptable circumstances in relation to a parcel of 10 million options to subscribe for shares in Focus.
The Panel advises that it is currently continuing discussions with parties in relation to the application from Magic Millions under section 657EA of the Corporations Act requesting a review of the decisions in the Brisbane Broncos Nos 1 and 2 proceedings.
The Review Panel currently believes it will be able to make an announcement on the result of those discussions to the market after the close of trading tomorrow.
The sitting Panel in this review application is Simon McKeon (sitting President), Ian Ramsay and Carol Buys.
An application (Normandy 03) under section 657C of the Corporations Act by AngloGold Limited for a declaration of unacceptable circumstances and an order canceling a deed (or parts thereof) entered into on 14 November 2001 between Normandy Mining Limited and Newmont Mining Corporation. The Deed related to various "lock-up" arrangements which Normandy agreed to in order to induce Newmont to announce its proposed takeover offer for all of the shares in Normandy. On Friday 7 December 2001, the Panel declined to make a declaration or orders.
The Panel advises that today it has accepted undertakings from Magic Millions and BB Sports in relation to the application from Magic Millions under section 657EA of the Corporations Act requesting a review of the decisions in the Brisbane Broncos Nos 1 and 2 proceedings.