On 3 May 2001, we declined to commence proceedings in relation to an application by Reliable Power Inc for a declaration of unacceptable circumstances in relation to the takeover bid made by Reliable on 20 March 2001 for Pinnacle VRB Limited. We considered that the issue complained of was insignificant and fully capable of being addressed in Reliable’s imminent supplementary bidder’s statement.
The Takeovers Panel has decided to take no further action in relation to the application by Namakwa Diamond Company received 26 March 2001 for a declaration of unacceptable circumstances and orders in relation to the takeover bid for Namakwa by Majestic Resources. The application asserted contraventions of section 606, misleading or deceptive conduct and market manipulation.
Following a review of the decision made by the Corporations and Securities Panel in relation to Pinnacle VRB Limited No. 4 (Pinnacle No. 4), the Review Panel has decided that Reliable Power Inc (Reliable) can proceed with its off market takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle) (the Bid), subject to Reliable providing further disclosure of its funding arrangements to the shareholders of Pinnacle.
The Corporations and Securities Panel today strongly censured the apparent leakage of confidential documents to the media in relation to its proceedings in Majestic Resources' (Majestic) off market takeover bid for the ordinary shares in Namakwa Diamond Company (Namakwa).
The article in today's Australian Financial Review, titled "The Prospectus that Hijacked Namakwa" contained material from confidential submissions to the Panel.
The Corporations and Securities Panel has made a declaration in relation to Majestic Resources' (Majestic) off market takeover bid for the ordinary shares in Namakwa Diamond Company (Namakwa) that unacceptable circumstances had arisen as a result of a number of deficiencies in Majestic's bidder's statement and the accompanying letter from the Chairman of Majestic.
The Panel declared that Majestic's disclosure in its bidder's statement and the Chairman's letter contained a number of deficiencies, including:
The Takeovers Panel advises that it has published its reasons in relation to an application from Troy Resources for a declaration of unacceptable circumstances and orders in relation to St Barbara Mines' takeover bid for Taipan Resources announced on 21 December 2000. The Panel received the application on 13 February 2001.
The Corporations and Securities Panel yesterday made an interim order suspending until 1 May 2001 the operation of the orders made by the Panel on 9 April 2001, stopping Reliable Power Inc's (Reliable) off market cash takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle) (the Bid).
The Panel made this interim order to preserve the status quo while it considers the application for review of the decision and orders made in relation to Pinnacle No. 4 on 9 April 2001.
These are the reasons for our decision in relation to the application of Troy Resources NL under section 657C of the Corporations Law received on 13 February 2001 for interim orders under section 657E and a declaration of unacceptable circumstances under section 657A in relation to a takeover bid by St Barbara Mines Limited for Taipan Resources NL.
The Corporations and Securities Panel has received an application for the review of the recent Panel decision to stop Reliable Power Inc's (Reliable) off market cash takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle) (the Bid).
The Corporations and Securities Panel today stopped Reliable Power Inc's (Reliable) off market cash takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle) (the Bid).