The Corporations and Securities Panel has released for comment a draft policy on the circumstances in which it will restrain the dispatch of bidder's statements and offers. The draft will be available shortly on the Panel's web site. Comments are welcome until 18 May 2001.

George Durbridge
Counsel, Corporations and Securities Panel
Level 47 Nauru House,
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au

The Panel has received a second application in relation to the off market cash takeover offer by Reliable Power Inc (Reliable ) for the ordinary shares in Pinnacle VRB Limited (Pinnacle ).

The Corporations and Securities Panel today made a declaration in relation to Reliable Power Inc's (Reliable ) off market cash takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle ) that unacceptable circumstances had resulted from the representation in Reliable's bidder's statement that New West Capital LLC (New West ) had agreed to provide sufficient funds to Reliable by way of equity subscription and loans to enable Reliable to meet its obligations under the offer.

The Corporations and Securities Panel has required St Barbara Mines Ltd (St Barbara ) to vary its offers under its takeover bid for Taipan Resources NL (Taipan ) to improve the consideration offered for the Taipan partly paid shares. The relevant issue was raised in an application by Troy Resources NL (Troy ) on 27 February. Troy is also bidding for Taipan.

The Takeovers Panel has received an application from Troy Resources for a review of the Panel's decision in the Taipan 10 proceedings. Taipan 10 was an application by Troy dated 27 February for a declaration of unacceptable circumstances and orders in relation to St Barbara Mines' bid for Taipan Resources. Troy is also bidding for Taipan.

The application by Troy requests a review of the following decisions made by the Panel on 27 March:

The Takeovers Panel has received a second application from Namakwa Diamond Company NL (NDC ) concerning the takeover bid announced on 15 March by Majestic Resources NL (MJN ) for all of the shares in NDC. The first application was received on 26 March and the second application was received on 30 March. The applications allege irregularities in acquisitions of shares in NDC by MJN and other persons and defects in MJN's bidder's statement.

The Takeovers Panel yesterday dismissed the application made by Vincorp Wineries Limited on 28 February 2001 in relation to the takeover offer made for Vincorp by Simon Gilbert Wines Limited.

The Panel decided to dismiss the application following the announcement by Simon Gilbert Wines that a defeating condition of its bid would not be fulfilled and that all contracts and acceptances under the bid would therefore be void at the end of the offer period on 2 April 2001.

The Takeovers Panel has today received an application from Namakwa Diamond Company for an interim order restraining Majestic Resources from dispatching its bidder's statement to Namakwa shareholders. Majestic gave its bidder's statement to Namakwa on 15 March.

The application asserts contraventions of section 606, misleading or deceptive conduct and market manipulation.

Namakwa has requested the Panel to make the interim order pending a determination by the Panel of whether there are unacceptable circumstances in relation to Majestic's proposed bid.

The Takeovers Panel has received an application from Pinnacle VRB Limited (Pinnacle ) for a declaration of unacceptable circumstances in relation to the bidder's statement issued by Reliable Power Inc. (Reliable ) for the purposes of its cash bid for Pinnacle. Pinnacle's application was received on 15 March 2001. Reliable sent its bidder's statement to Pinnacle shareholders on 20 March 2001.