On 28, September 2001, we made interim orders restraining any further dealings in various shares including those which are the subject of the disputed acceptances in the application by Ronay Investments Pty Ltd and Mr David Pethard for a declaration of unacceptable circumstances received on 26 September 2001 (the Pinnacle No.10 application).
The Panel advises that it has today decided to require a group of acceptances for approximately two million shares be reversed in the bid by Vanteck (VRB) Technology Corp for Pinnacle VRB Limited. The Panel advises that it has made a declaration of unacceptable circumstances in response to an application by Ronay Investments Pty Ltd and Mr David Pethard in relation to the acceptances.
The Takeovers Panel (the Panel) advises that it has published its reasons for its decision to decline an application by Fast Scout Limited (Fast Scout) in relation to the issue to Macquarie Bank Limited (Macquarie) of 6.667 million shares in Bigshop.com.au Ltd (Bigshop). Fast Scout is currently in the process of making a takeover bid for Bigshop. Fast Scout applied on 13 September 2001 and the Panel announced its decision on 27 September 2001.
On 27 September 2001, we declined to make a declaration of unacceptable circumstances in response to an application by Fast Scout Ltd dated 13 September 2001. On 27 September we accepted various undertakings from Fast Scout and Bigshop.com.au Ltd and Macquarie Bank Ltd to ensure that Fast Scout's bid could be put to Bigshop shareholders. We decided that the proposed placement of Bigshop shares to Macquarie and related advisory agreements could not reasonably be said to frustrate the purpose of Fast Scout's bid.
The Panel has today made interim orders restraining any further dealings in various shares, including those which are the subject of the disputed acceptances in the application by Ronay Investments Pty Ltd and Mr David Pethard for a declaration of unacceptable circumstances received on 26 September 2001 (the Pinnacle No.10 application).
The Panel announced today that it has declined an application by Fast Scout Limited (Fast Scout ) in relation to its proposed bid for Bigshop.com.au Limited (Bigshop ).
The Panel advises that it has received an application by Ronay Investments Pty Ltd and Mr David Pethard in relation to acceptances received by Vanteck (VRB) Technology Corp under its takeover bid for Pinnacle VRB Limited.
Ronay alleges that CSFB, Ronay's broker, erroneously and mistakenly authorised acceptance of Vanteck's bid. Ronay states that it did not authorise CSFB to accept the bid. Ronay also complains that Vanteck has refused to consent to a reversal of the transaction which is necessary under the SCH Business Rules before the acceptances could be reversed.
The Panel advises that it has received an application by Vanteck (VRB) Technology Corp in relation to its bid for Pinnacle VRB Limited.
Vanteck has applied for declaration of unacceptable circumstances in relation to the conduct of one of the directors of Pinnacle, Mr David Pethard. Vanteck alleges that the letters sent by Mr Pethard to shareholders of Pinnacle on 17 September 2001 concerning Vanteck's bid for Pinnacle and the upcoming general meeting of Pinnacle's shareholders scheduled for Monday, 1 October give rise to unacceptable circumstances.
The Panel announced today that it has received an application by Fast Scout Limited (Fast Scout) in relation to its proposed bid for Bigshop.com.au Limited (Bigshop). Fast Scout has applied for a declaration of unacceptable circumstances in relation to a proposed placement of 10 million ordinary shares and 2 million options by Bigshop to Macquarie Bank Limited (Macquarie) and for an interim order restraining Bigshop from proceeding with the proposed placement until the matter is determined by the Panel.
The Takeovers Panel advises that it has today released a Guidance Note on conflicts of interest as they relate to Panel members sitting on individual matters. The final version follows public consultation on a draft that the Panel released in June 2002.
The final Guidance Note is based on the Panel's underlying policy that: