Panel Publishes Reasons for Stopping Reliable's Bid in Pinnacle 4

The Takeovers Panel advises that it has published its reasons for a declaration of unacceptable circumstances and orders in relation to Reliable Power Inc's takeover bid for Pinnacle VRB Ltd announced on 22 January 2001 and made on 20 March. The Panel received the application on 15 March and announced its decision on 9 April.

Pinnacle said that Reliable's bidder's statement did not give sufficient information for Pinnacle shareholders to assess Reliable's bid, whether Reliable could pay for all the shares under the bid, and who would control Reliable after the bid.

Panel Stays Proceedings Relating to Vanteck and Int-A-Grid Transactions

The Panel has decided to stay the proceedings brought by Reliable Power Inc (Reliable) in relation to the off market cash takeover offer by Reliable for the ordinary shares in Pinnacle VRB Limited (Pinnacle) and the announcement by Pinnacle on 29 March 2001, that it has granted a licence to Vanteck (VRB) Technology Corp (Vanteck) to market, sell, manufacture and utilise the Vanadium Redox Battery (VRB) technology within Canada, the United States, Central and South America (the

Pinnacle VRB Ltd 07

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.

Panel to Take No Further Action on Application in Relation to Majestic Resources' Bid for Namakwa Diamond Company

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.

Review Panel Upholds Panel's Declaration Against Reliable But Enables Reliable's Bid to Proceed

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.

Panel Censures Breach of Confidentiality in Relation to Namakwa Diamond Company Application

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.

Panel Declares Circumstances in Relation to Majestic Resources' Bid for Namakwa Diamond Company Unacceptable

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:

Panel Makes Interim Order in Relation to Reliable Power's Takeover Bid for Pinnacle VRB Limited

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.

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