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:

The Panel advises that it has today received an application from Mirvac Funds Limited. The application seeks a declaration of unacceptable circumstances and interim and final orders in relation to the proposal by Commonwealth Property Office Fund and Gandel Retail Trust, and their respective responsible entities, for a merger with the four Colonial First State Property funds.

The concerns raised by Mirvac relate to:

The Panel advises that the proceedings on the review Panel's decision in relation to the application made by Reliable Power Inc on 23 May 2001 for a review of the Pinnacle 5 Panel's decision (Pinnacle 8) now appear to be finalised. The review Panel announced its initial decision on 18 June 2001 (MR No. 56/2001).

Prior to the Extraordinary General Meeting of Pinnacle held on Monday 20 August, the Vanteck Transaction (see below) was withdrawn, and at the EGM the Pinnacle shareholders rejected the Int-A-Grid Transaction (see below).

The Corporations and Securities Panel announced today that it has entered into a Memorandum of Understanding with the Australian Securities and Investments Commission (ASIC). The MOU is intended to continue the positive and cooperative working relationship that the Panel already has with ASIC, and to ensure that the market sees a smooth and seamless relationship between the two regulators.

The Panel has today published its reasons for deciding to hold over its proceedings in relation to the application made by Liquorland on 12 July 2001, in relation to Liquorland's bid for Australian Liquor Group (ALQ). Liquorland's bid for ALQ closed on 29 June 2001, and the first payments of the bid consideration were due to be made to ALQ shareholders on 18 July 2001.

The Takeovers Panel advises that it has released a Guidance Note on the Panel's powers to make costs orders in Panel proceedings. The final version follows public consultation on a draft that the Panel released in January 2002.

The Director of the Panel, Nigel Morris, said that the Panel was pleased to have received support from the market for the underlying policy of the draft. The final Guidance Note takes into account six submissions on the draft, which were received from Australian law firms and from the ASIC. The text has been revised in some areas in response to feedback.