These are the reasons for our decision, in relation to an application for review by Troy Resources NL under section 656A of the Corporations Law, to affirm the decisions of ASIC dated 2 November 2000 and 5 December 2000 under section 655A of the Corporations Law in relation to a takeover bid by Troy Resources NL for Taipan Resources NL.
These are the reasons for our decision to affirm the decision of ASIC dated 1 December 2000 in relation to the dispatch of the target's statement of Taipan Resources NL on the application for review by Troy Resources NL under section 656A of the Corporations Law.
The Takeovers Panel advises that it has declined an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resources' announcement of 13 December. Troy has announced that it intends to allow its previous bid for Taipan to lapse and to make another offer that is not conditional on the merger between St Barbara and Taipan not proceeding. It's previous bid contained this condition.
The Takeovers Panel advises that it has declined to make a declaration of unacceptable circumstances in relation to Troy Resources bidder's statement dated 2 November in its first takeover bid for Taipan Resources. This formalises the Panel's advice to parties on 13 December that it saw little value in further enquiries in the matter. On 16 November, the Panel announced that it had declined to restrain dispatch of Troy's bidder's statement. Taipan applied to the Panel on 16 November.
The Takeovers Panel advises that today, it has decided not to make interim orders restraining Troy Resources from acquiring shares in Taipan Resources on-market under a new takeover offer which Troy announced on 13 December that it would make. However, the Panel advised that it has not yet made any decision on the substantive application.
The Takeovers Panel advises that today, it has received an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resource's announcement of 13 December that it intends to allow its current, conditional bid for Taipan to lapse and to make another unconditional offer shortly.
Taipan is seeking a declaration of unacceptable circumstances, and both interim and final orders. The alternative orders that Taipan is seeking the Panel to make include:
The Takeovers Panel advises that yesterday evening it declined an application from Troy Resources in relation to the issue of up to 25 million shares in Taipan Resources approved at the Taipan AGM on 30 November. Troy applied on 29 November.
Troy had sought an interim order restraining the issue of the shares, pending the decision of the Panel on Troy's application for a declaration of unacceptable circumstances. Troy asserted that the issue of shares, at this time, would, in the absence of other strong reasons, be for the purpose of impeding Troy's takeover.
The Takeovers Panel advises that it has today affirmed ASIC's decisions to refuse to allow Troy Resources to waive the defeating condition in its bid for Taipan. The Panel received an application from Troy on Friday 8 December, for a review of ASIC's decisions.
On 2 November and 5 December ASIC refused Troy's application to waive the pre-condition, then defeating condition, attached to Troy's bid that a merger between Taipan and St Barbara Mines not proceed. ASIC had previously required the condition to be non-waivable.
The Takeovers Panel advises that it has today affirmed ASIC's decision to grant Taipan Resources an extension of time to dispatch its target's statement in response to Troy's bid for Taipan. The Panel received an application from Troy Resources on Monday 4 December, for a review of ASIC's decision.
The Takeovers Panel advises that yesterday afternoon, it received an application from Troy Resources for a review of an ASIC decision to grant Taipan Resources an extension of time to dispatch its target's statement in response to Troy's bid for Taipan.