Panel Finalises Rules for Proceedings

The Takeovers Panel advises that it has finalised its Rules for Proceedings, and has posted them on its website.

The Panel had been operating on draft Rules while the draft was out for public consultation.

The revised Rules take into account the comments received by interested practitioners and market participants.

The President of the Panel, Mr Simon McKeon, said that he was very pleased with the input from market practitioners, which the Panel considers vitally important to its efficient and effective operation.

Further Application in Relation to Break Fees in Newmont Bid for Normandy

The Panel advises that it yesterday received a further application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application seeks a declaration of unacceptable circumstances in relation to a break fee which was agreed in a deed of undertaking dated 14 November 2001 between Normandy and Newmont.

Under the break fee arrangement Normandy agrees, in certain circumstances where Newmont's bid is not successful, to pay various costs incurred by Newmont up to a cap of A$38.33 million.

Pinnacle VRB Ltd 09b

In the course of proceedings in relation to an application by Vanteck (VRB) Technology Corp (Vanteck) regarding letters sent by Mr David Pethard to shareholders of Pinnacle VRB Limited (Pinnacle), the Australian Securities and Investments Commission (ASIC) submitted that the Panel should make a declaration under section 657A of the Corporations Act in relation to: (a) an announcement by Vanteck of its intention to list on the Australian Stock Exchange (ASX) and Vanteck’s failure to apply for that listing; and (b) a letter sent to Pinnacle’s directors on behalf of Vanteck asserting that t

Pinnacle VRB Ltd 09a

An application under section 657C of the Corporations Act by Vanteck (VRB) Technology Corp. to the Takeovers Panel for a declaration of unacceptable circumstances and final orders from the Panel in relation to Vanteck’s takeover bid for Pinnacle VRB Limited. The Panel decided not to make a declaration of unacceptable circumstances but sought an undertaking from Mr David Pethard to send a letter of clarification to Pinnacle shareholders.

Pinnacle VRB Ltd 11

An application under section 657EA of the Corporations Act by Vanteck (VRB) Technology Corp (Vanteck) for a review of the decision of the Panel in Pinnacle VRB Ltd No.10 to make a declaration of unacceptable circumstances and orders in relation to Vanteck’s takeover bid (the Bid) for Pinnacle VRB Limited (Pinnacle). The review Panel has declared that unacceptable circumstances exist and has made orders unwinding the Disputed Acceptances.

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