These are the reasons for our decision to make a declaration of unacceptable circumstances on the application by Namakwa Diamond Company NL under section 657C of the Corporations Law received on 30 March 2001 for interim orders and a declaration of unacceptable circumstances in relation to a takeover bid by Majestic Resources NL.
On 9 April 2001, we stopped the takeover bid made by Reliable Power Inc on 20 March 2001 for all of the ordinary shares in Pinnacle VRB Limited, and ordered that the offers and contracts under the bid be cancelled, that Reliable notify the Australian Stock Exchange and shareholders of Pinnacle VRB Limited that the bid has been stopped, and prohibiting Reliable Power Inc from acquiring a further interest in shares in Pinnacle VRB Limited as a result of offers made or acceptances received under the bid.
These are our reasons for that decision.
The Takeovers Panel has declined 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 is made by Majestic. It alleges deficiencies in the valuation of Namakwa of shares in Namakwa's target's statement.
The Panel considers that the nature of the matters raised in Majestic's application means that they may be appropriately raised by Majestic in a response to Namakwa's target's statement.
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.
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
The Panel yesterday received an application by Alpha Healthcare Ltd (Alpha) in relation to the takeover bid by Ramsay Centauri P/L (Ramsay) for all of the shares in Alpha.
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.
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.
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.
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.