Review Panel Publishes Reasons for Decision in the Matter of Taipan Resources NL (No. 11)

The Takeovers Panel advises that it has today published the reasons for the Review Panel's decision to dismiss the application for the review of a number of decisions made by the sitting Panel in the matter of Taipan Resources NL (No. 10). That matter arose from an application brought by Troy Resources NL on 27 February 2001, which concerned a takeover bid by St Barbara Mines for all of the shares in Taipan Resources. The application for review was made by Troy on 30 March and 3 April 2001. Troy had also made a bid for Taipan.

Panel Publishes Reasons for its Decision in Relation to Application for Review by Majestic Resources

The Namakwa 4 Panel has today published its reasons for its decision to decline to commence proceedings to consider an application for review by Majestic Resources (Majestic) of the decision of the sitting Panel in Namakwa 3. The application concerned a valuation in Namakwa Diamond Company NL's (Namakwa) target's statement issued in response to the takeover bid announced by Majestic on 15 March 2001 for all of the shares in Namakwa.

Vincorp Wineries Ltd

On 20 March 2001, following our consideration of an application by Vincorp Wineries Limited under sections 657A, 657D and 657E of the Corporations Law by Vincorp Wineries Limited for a declaration and orders in relation to a takeover bid by Simon Gilbert Wines Limited for all of the ordinary shares in Vincorp Wineries Limited, Simon Gilbert Wines Limited gave undertakings to extend its bid and provide further information in the form of a supplementary bidder’s statement to the shareholders of Vincorp Wineries Limited.

Taipan Resources NL 11

These are the reasons for our decision to dismiss an application by Troy Resources NL under section 657EA of the Corporations Law for review of decisions made by the Taipan 10 Panel. These decisions were made on an application dated 27 February by Troy Resources NL for a declaration of unacceptable circumstances and orders in relation to a takeover bid by St Barbara Mines Limited for Taipan Resources NL.

Namakwa Diamond Company NL 04

On 27 May 2001, following a review of the decision of the Corporations and Securities Panel in relation to Namakwa Diamond Company NL No. 3, we decided that we had received insufficient evidence supporting the application by Majestic to commence proceedings on its allegations of deficiencies in the valuation of Namakwa in the independent expert's report prepared by Ernst & Young Corporate Finance Pty Ltd which accompanied the target's statement issued by Namakwa on 23 April 2001.

These are our reasons for that decision.

Pinnacle 8 Review Panel Publishes Reasons for Decision

The Panel advises that it has today published the reasons for the review Panel's decision in relation to the application made by Reliable Power Inc on 23 May 2001 for a review of the Pinnacle 5 Panel's decision (Pinnacle 8). On 18 June 2001 the review Panel released details of its decision not to make a declaration or orders in relation to the application for review by Reliable Power Inc (see Media Release No. 56/2001).

Pinnacle VRB Ltd 08

These are our reasons for accepting further undertakings from both parties and otherwise dismissing an application by Reliable Power Inc. under section 657EA of the Corporations Law for review of the decision in the matter of Pinnacle VRB Limited (No.5).

Pinnacle 8 Review Panel Upholds Decision in Relation to Pinnacle 5

Requires more Stringent Undertakings from Pinnacle and Reliable on Shareholder approval Meeting

The Panel advises that a review Panel (Pinnacle 8) has confirmed the decision made by the Pinnacle 5 Panel that the transactions entered into, or proposed, by the board of Pinnacle VRB with Vanteck (VRB) Technology Corp and Int-A-Grid-A-Grid should go to Pinnacle shareholders for approval. In confirming the decision, the Pinnacle 8 Panel has imposed more stringent conditions on the shareholder approval process in the form of undertakings from the bidder and the target.

Panel Rejects Review Application by Troy Resources in Relation to Decision on St Barbara Mines' Bid for Taipan Resources

The Panel has rejected an application by Troy Resources to review a number of decisions made by the Taipan 10 Panel on an application made by Troy on 27 February 2001. Troy's original application concerned a takeover bid by St Barbara Mines for all of the shares in Taipan Resources. The application for review was made by Troy on 30 March and 3 April 2001. Troy had also made a bid for Taipan.

The decisions of the Review Panel were in substance the same as the decisions of the Taipan 10 Panel. Accordingly, the Review Panel dismissed Troy's application for review.

Panel Publishes Reasons for Decision in Relation to Pinnacle's Vanteck and Int-A-Grid Transactions

The Panel has today published its reasons for its decision not to make a declaration or orders in relation to the Vanteck and Int-A-Grid Transactions entered into by Pinnacle VRB Limited after Reliable Power Inc. had announced its bid for Pinnacle and before the bid closed. Under the Transactions, Pinnacle granted licences to Vanteck (VRB) Technology Corp and Int-A-Grid (UK) Ltd to market, sell, manufacture and utilise Pinnacle's Vanadium Redox Battery technology within the Americas and in Europe, Russia and the Middle East.

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