These are our reasons for accepting further undertakings from both parties and otherwise dismissing an application by Reliable Power Inc. under section 657EA of the Corporations Law for review of the decision in the matter of Pinnacle VRB Limited (No.5).
The Panel advises that a review Panel (Pinnacle 8) has confirmed the decision made by the Pinnacle 5 Panel that the transactions entered into, or proposed, by the board of Pinnacle VRB with Vanteck (VRB) Technology Corp and Int-A-Grid-A-Grid should go to Pinnacle shareholders for approval. In confirming the decision, the Pinnacle 8 Panel has imposed more stringent conditions on the shareholder approval process in the form of undertakings from the bidder and the target.
The Panel has rejected an application by Troy Resources to review a number of decisions made by the Taipan 10 Panel on an application made by Troy on 27 February 2001. Troy's original application concerned a takeover bid by St Barbara Mines for all of the shares in Taipan Resources. The application for review was made by Troy on 30 March and 3 April 2001. Troy had also made a bid for Taipan.
The decisions of the Review Panel were in substance the same as the decisions of the Taipan 10 Panel. Accordingly, the Review Panel dismissed Troy's application for review.
The Panel has today published its reasons for its decision not to make a declaration or orders in relation to the Vanteck and Int-A-Grid Transactions entered into by Pinnacle VRB Limited after Reliable Power Inc. had announced its bid for Pinnacle and before the bid closed. Under the Transactions, Pinnacle granted licences to Vanteck (VRB) Technology Corp and Int-A-Grid (UK) Ltd to market, sell, manufacture and utilise Pinnacle's Vanadium Redox Battery technology within the Americas and in Europe, Russia and the Middle East.
On 21 May 2001 we decided not to make a declaration of unacceptable circumstances or make any orders in relation to the two transactions which Pinnacle VRB Limited had entered into in March and April 2001 for the marketing, sale, manufacture and utilisation of the Vanadium Redox Battery technology by Vanteck (VRB) Technology Corp within Canada, the United States, Central and South America and Int-A-Grid (UK) Ltd within Europe, Russia and the Middle East.
The Takeovers Panel has today published its reasons for deciding 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. The Panel announced its decision on 1 May 2001.
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).
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.
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.
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).