These are the reasons for our decision to refuse the application under section 657C of the Corporations Law by Taipan Resources NL for an interim order under section 657E, a declaration of unacceptable circumstances under section 657A and final orders under section 657D in relation to the takeover bid by Troy Resources NL.
The Takeovers Panel has today published its reasons for its decision to decline to make a declaration of unacceptable circumstances in relation to Troy Resources bidder's statement dated 2 November in its first takeover bid for Taipan Resources.
The decision was formally made on 19 December 2000 after the Panel advised parties on 13 December that it saw little value in further enquiries in the matter. On 16 November, the Panel had announced that it had declined to restrain dispatch of Troy's bidder's statement. Taipan applied to the Panel on 16 November.
The Takeovers Panel advises that it has published its reasons for its decision to decline an application from Troy Resources in relation to the issue of up to 25 million shares in Taipan Resources approved at the Taipan AGM on 30 November 2000. Troy applied on 29 November and the Panel announced its decision on 14 December 2000.
Troy had also sought an interim order restraining the issue of the shares, pending the decision of the Panel on Troy's application for a declaration of unacceptable circumstances.
These are the reasons for our decision to refuse the application of Troy Resources NL under section 657C of the Corporations Law dated 29 November 2000 for an interim order under section 657E and a declaration of unacceptable circumstances and final orders under sections 657A and 657D in relation to the affairs of Taipan Resources NL.
The Takeovers Panel advises that it has received an application by Federation Group Ltd for a review of a decision by ASIC to decline to modify the Corporations Law to allow Federation to exercise options in Pinnacle. Federation would currently breach the 20% threshold if it exercised the options. The Panel received the application on Thursday 25 January.
The Takeovers Panel advises that it has today declared that unacceptable circumstances existed in relation to a takeover bid by two companies associated with RP Data Ltd (RP Data) for all the shares in Realestate.com.au Ltd. The declaration is in response to an application from the Australian Securities and Investments Commission made on 30 November, 2000.
An application under section 657C of the Corporations Act by Mr David Pethard and Ronay Investments Pty Ltd for a declaration of unacceptable circumstances, interim orders and final orders from the Panel in relation to Vanteck (VRB) Technology Corp’s (Vanteck) takeover bid (the Bid) for Pinnacle VRB Limited (Pinnacle). The Panel has declared that unacceptable circumstances exist, and has made orders unwinding the Disputed Acceptances.
These are the reasons for our decision, in relation to an application for review by Troy Resources NL under section 656A of the Corporations Law, to affirm the decisions of ASIC dated 2 November 2000 and 5 December 2000 under section 655A of the Corporations Law in relation to a takeover bid by Troy Resources NL for Taipan Resources NL.
These are the reasons for our decision to affirm the decision of ASIC dated 1 December 2000 in relation to the dispatch of the target's statement of Taipan Resources NL on the application for review by Troy Resources NL under section 656A of the Corporations Law.
The Takeovers Panel advises that it has declined an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resources' announcement of 13 December. Troy has announced that it intends to allow its previous bid for Taipan to lapse and to make another offer that is not conditional on the merger between St Barbara and Taipan not proceeding. It's previous bid contained this condition.