Taipan Resources NL 01

These are our reasons for our decision to refuse the application under sections 657C and 657E of the Corporations Law by Troy Resources NL for an interim order that Taipan Resources NL be restrained from proceeding with the extraordinary meeting of its members to be held on 12 October 2000

Application in Relation to Pinnacle VRB Ltd (No 2)

The Panel announced that it has today received an application for a declaration of unacceptable circumstances in relation to the affairs of Pinnacle VRB Ltd. The application is made by Federation Group Ltd which is currently bidding for all the issued shares of Pinnacle (and two classes of option which Pinnacle has on issue). Federation commenced its scrip offer for Pinnacle on 2 October, 2000.

Application in Relation to Taipan Resources NL

The Panel has decided not to make an interim order that today's meeting of the shareholders of Taipan Resources NL be adjourned. The meeting of Taipan concerns a proposed merger between Taipan and St Barbara Mines Limited by way of scheme of arrangement. The Panel's decision was made in response to an application by Troy Resources NL received on 11 October 2000 for an interim order under section 657E of the Corporations Law that the meeting be adjourned. Troy has announced that it proposes to make a takeover bid for Taipan.

Panel Publishes Reasons in Relation to Ashton Mining

The Takeovers Panel today published its reasons for not making a declaration of unacceptable circumstances in relation to the affairs of Ashton Mining Limited in response to an application made by De Beers Australia Holdings Pty Ltd on Friday, 29 September. The Panel announced its decision on 03 October, 2000.

The Panel's decision followed an undertaking by Rio Tinto to issue a supplementary bidder's statement making one change to its current bidder's statement.