The Takeovers Panel welcomed the announcement in New Zealand today by the New Zealand Commerce Minister Paul Swain that Mr Denis Byrne has been appointed as an Australian member of the New Zealand Takeovers Panel. Mr Byrne's appointment is for three years.

Mr Byrne is a senior member of the Australian Takeovers Panel and has been a member of the Australian Takeovers Panel since 1997. He has sat on a number of matters for the Australian Takeovers Panel.

The President of the Takeovers Panel (previously the Corporations and Securities Panel) Mr Simon McKeon, has welcomed the introduction of the new name for the body.

The name change took effect as part of the Transitional Provisions of the Government's Financial Services Reform Act 2001.

The Panel advises that the Pinnacle No.11 Panel has today made interim orders postponing the closing date of Vanteck (VRB) Technology Corp's bid for Pinnacle VRB Ltd by a week and postponing the date for Pinnacle's general meeting of shareholders by a week in relation to the Pinnacle No.11 proceedings.

Vanteck's offer was previously due to close on Friday, 12 October 2001 and the general meeting of Pinnacle shareholders called by Vanteck pursuant to section 249F of the Corporations Act was due to be held on Monday, 15 October 2001 (EGM).

The Takeovers Panel (the Panel) advises that it has published the reasons for its decision in Pinnacle No.10 to make a declaration of unacceptable circumstances and final orders in relation to Vanteck (VRB) Technology Corp's bid for all of the ordinary shares in Pinnacle VRB Limited.

The Panel advises that it has received an application from Vanteck (VRB) Technology Corp requesting a review of the decision of the sitting Panel in the Pinnacle No.10 proceedings.

The sitting Panel in Pinnacle No.10 made a declaration of unacceptable circumstances and final orders requiring a group of acceptances for approximately 1.6 million shares be reversed in the bid by Vanteck for Pinnacle VRB Limited. The Pinnacle No.10 application had been made by Ronay Investments Pty Ltd and Mr David Pethard in relation to the disputed acceptances.

The Panel announced today that it has consented to an application for review of the decision of the Panel on 27 September 2001 to decline to make a declaration of unacceptable circumstances in relation to a proposed placement by Bigshop.com.au Limited (Bigshop) to Macquarie Bank Limited (Macquarie).

The Panel advises that it has today made final orders giving effect to its decision requiring 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 has made the orders following its declaration yesterday of unacceptable circumstances in response to an application by Ronay Investments Pty Ltd and Mr David Pethard in relation to the disputed acceptances.

The Panel announced today that it has decided to grant interim orders in relation to an application by Fast Scout Limited (Fast Scout) in relation to the content and timing of dispatch of Fast Scout's bidder's statement in relation to its takeover offer for Bigshop.com.au Limited (Bigshop).

The Panel made the orders to ensure that the Fast Scout bidder's statement is dispatched to Bigshop shareholders in a timely manner, and also to ensure that Bigshop shareholders are given enough information to enable them to assess the merits of the proposed takeover.

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.