Application for Review of Decision in Relation to Pinnacle 5

The Panel advises that it has received an application by Reliable power Inc for review of a decision by the Pinnacle 5 Panel.

The Pinnacle 5 Panel considered an application brought by Reliable in relation to Reliable's off market cash takeover bid for Pinnacle VRB Limited and the announcement by Pinnacle on 29 March 2001, that it has granted a licence to Vanteck (VRB) Technology Corp to market, sell, manufacture and utilise Pinnacle's Vanadium Redox Battery technology within Canada, the United States, Central and South America (the Vanteck Transaction).

Panel Declines Review Application in Relation to Decision on Majestic Resources' Bid for Namakwa Diamond Company

The Namakwa 4 Panel has refused an application reviewing a decision by the Namakwa 3 to decline to commence proceedings to consider an application. The application concerned a valuation in Namakwa's target's statement in the takeover bid announced by Majestic Resources on 15 March for all of the shares in Namakwa Diamond Company NL. The application for review was made by Majestic, on 15 May 2001. Majestic had made the Namakwa 3 application.

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On 27 April 2001, we decided that we had received insufficient evidence supporting the application by Namakwa to commence a detailed inquiry into its allegations of association, breach of section 606, and market manipulation. We advised Namakwa and Majestic that we will keep those issues under review as the bid develops.

Final Decision in Relation to Pinnacle's Vanteck and Int-A-Grid Transactions

The Panel has made a final decision on the application brought by Reliable Power Inc in relation to Reliable's off market cash takeover bid for Pinnacle VRB Limited and the announcement by Pinnacle on 29 March 2001, that it has granted a licence to Vanteck (VRB) Technology Corp to market, sell, manufacture and utilise Pinnacle's Vanadium Redox Battery technology within Canada, the United States, Central and South America (the Vanteck Transaction).

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These are the reasons for our decision to make a declaration of unacceptable circumstances on the application by Troy Resources NL under section 657C of the Corporations Law dated 27 February 2001 for a declaration of unacceptable circumstances and orders in relation to a takeover bid by St Barbara Mines Limited for Taipan Resources NL.

Panel Publishes Reasons for Declining to Consider Further Application in Relation to Majestic Resources' Bid for Namakwa Diamond Company

The Takeovers Panel has published its reasons for declining to consider a third application concerning the takeover bid announced on 15 March by Majestic Resources for all of the shares in Diamond Company NL. The application was made by Majestic on May 2001. It alleged deficiencies in the valuation of Namakwa of shares in Namakwa's target's statement.

The Panel advised on 11 May 2001 that it considered that the nature of the matters raised in Majestic's application meant that they may be appropriately raised by Majestic in a response to Namakwa's target's statement.

Panel Receives Review Application in Relation to Decision on Majestic Resources' Bid for Namakwa Diamond Company

The Takeovers Panel has received an application to review its decision to decline to consider a third application concerning the takeover bid announced on 15 March by Majestic Resources for all of the shares in Diamond Company NL. The application for review is made by Majestic, which made the previous application.

Panel Publishes Reasons for Declaration of Unacceptable Circumstances in Relation to Majestic Resources' Bid for Namakwa Diamond Company

The Panel advises that it has published its reasons for declaring that circumstances in relation to Majestic Resources' (Majestic ) off market takeover bid for the ordinary shares in Namakwa Diamond Company (Namakwa ) were unacceptable. The declaration was made on 26 April in response to an application by Namakwa received on 30 March.

The Panel declared that Majestic's disclosure in its bidder's statement and the accompanying letter from the Chairman of Majestic contained a number of deficiencies, including:

Panel Publishes Reasons in Relation to Troy's Application Regarding St Barbara's Takeover Bid for Taipan

The Takeovers Panel advises that it has published its reasons in relation to an application from Troy Resources for a declaration of unacceptable circumstances and orders in relation to St Barbara Mines' takeover bid for Taipan Resources. The Panel received the application on 27 February 2001 and made its decision on 16 March 2001.

The application asserted that the disclosure in St Barbara's bidder's statement was deficient in a number of respects, including:

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On 1 May 2001, following a review of the decision made by the Corporations and Securities Panel in relation to Pinnacle VRB Limited No. 4, we decided to allow Reliable Power Inc to proceed with its off market takeover offer for the ordinary shares in Pinnacle VRB Limited, subject to Reliable providing further disclosure of its funding arrangements to the shareholders of Pinnacle. At the same time, we also affirmed the declaration of unacceptable circumstances made by the Panel in Pinnacle No. 4.

These are our reasons for that decision.

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