These are our reasons for refusing an application by Westgold Resources NL (Westgold) for an interim order, a declaration of unacceptable circumstances and final orders in relation to acquisitions of shares by entities related to some of the directors of Precious Metals Australia Ltd (PMA ) under an entitlement issue by PMA.
The Panel today published reasons for its decision in resolving the Precious Metals proceedings. The application was made by Westgold Resources NL in relation to an entitlement issue (rights issue) by Precious Metals under a prospectus dated 15 February 2002.
The Panel advises that it has, by majority, granted conditional relief in response to an application by the Administrators of Pasminco (in their capacity acting for the principal creditors of Pasminco (Creditors)). The application relates to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement (Deed) under Part 5.3A of the Corporations Act (Act). On 19 September 2001, the directors of Pasminco appointed the Administrators. Pasminco's shares are suspended from trading.
The Panel advises that it has decided not to proceed with hearing an application by Westgold in relation to a non-renounceable rights issue prospectus, dated 15 February 2002, issued by Precious Metals Australia Ltd (PMA). The application was received on 7 March. It related to concerns that Westgold asserts about the effect on the level of control of PMA that an underwriting agreement for the rights issue may have if there is a significant shortfall in the rights issue.
The Panel advises that it has received an application by Westgold in relation to a non-renounceable rights issue prospectus, dated 15 February 2002, issued by Precious Metals Australia Ltd (PMA). The application relates to concerns that Westgold asserts about the effect on the level of control of PMA that an underwriting agreement for the rights issue may have if there is a significant shortfall in the rights issue.
The Panel advises that it has today released for public comment a draft Guidance Note on the Panel's procedures for consulting the public and interested parties on the Panel's rules and advice to the market.
The Panel may make rules under section 658C of the Corporations Act (Act) concerning the operation and function of the takeovers provisions of the Act. It can also make rules under section 195 of the ASIC Act, for how it will conduct proceedings before it. So far the Panel has published its procedural rules, but has made no rules under section 658C.
The Panel advises that is currently considering submissions received in relation to an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators have applied to the Panel under section 656A of the Act for a review of ASIC's decision.
On 13 January 2002 Newmont Mining Corporation (Newmont) applied for interim orders, a declaration of unacceptable circumstances and final orders under sections 657A and 657E of the Corporations Act. The application related to AngloGold Limited's (AngloGold) notice of extension of the closing date for its bid for Normandy Mining Limited (Normandy) from 11 January 2002 to 18 January 2002. On 15 January, the parties settled the issues in dispute to the Panel's satisfaction.
The Panel advises that yesterday it received an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more deeds of company arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators now apply to the Panel under section 656A for a review of ASIC's decision.
An application under section 657A of the Corporations Act by AngloGold Limited for a declaration of unacceptable circumstances in relation to Newmont Mining Corporation's bid for Normandy Mining Limited. The Panel decided on Wednesday, 5 November 2001 not to make a declaration of unacceptable circumstances or orders requiring disclosure by Newmont of an arrangement agreement between it and Franco-Nevada Mining Corporation Limited. These are the reasons for the Panel's decision.