The Takeovers Panel has today released for public comment, two policies relating to its role as the determiner of unacceptable circumstances in takeovers.

The first is a guide to the Panel's view on issues it will take into consideration in determining whether particular circumstances are unacceptable.

The second is a discussion on the remedies that the Panel has at its disposal in ensuring that takeovers disputes are settled quickly and efficiently and that they "get back on track" as quickly as possible.

The Takeovers Panel has today received an application for a declaration of unacceptable circumstances in relation to the bidder's statement issued by Simon Gilbert Wines ("SGW") in its scrip bid for Vincorp Wineries. SGW gave its bidder's statement to Vincorp on 15 February.

The application asserts that Simon Gilbert Wines' bidder's statement has disclosure deficiencies in relation to:

The Takeovers Panel has received an application for a declaration of unacceptable circumstances in relation to the bidder's statement issued St Barbara Mines Ltd in its bid for Taipan Resources NL. The application was made by Troy Resources on Tuesday 273 February. Troy is also bidding for Taipan.

The application asserts that St Barbara's bidder's statement has disclosure deficiencies in relation to:

The Takeovers Panel has published its reasons for varying a decision by ASIC in relation to an application by Federation Group. The application was to modify the Corporations Law to allow Federation to exercise options in Pinnacle VRB which would increase Federation's voting power above the 20% threshold. The Panel decided the application on 8 February. It received it on 25 January.

The Takeovers Panel advises that it has published its reasons for declining an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resources' announcement of 13 December. Troy had announced that it intended to allow its previous bid for Taipan to lapse and to make another offer that was not conditional on the merger between St Barbara and Taipan not proceeding. It's previous bid contained this condition. The Panel received the application on 13 December 2000 and announced its decision on 22 December 2001.

The Takeovers Panel today advises that it has decided to commence limited proceedings in relation to an application for a declaration of unacceptable circumstances in relation to events leading up to and concerning the proposed bid by St Barbara Mines for Taipan Resources. The application was made by Troy Resources on Tuesday 13 February. Troy is also bidding for Taipan.

The Panel has initially decided to consider only the first allegation of the application:

The Panel today published reasons for its decision in resolving the Normandy No.7 proceedings. The application was made by Newmont in relation to AngloGold's notice of extension of its bid for Normandy which was sent to Normandy shareholders on Friday, 11 January 2002 and various statements by AngloGold and its officers concerning AngloGold's intentions as to the price offered under the AngloGold bid for Normandy.

The Takeovers Panel advises that it has declined an application for interim orders and a declaration of unacceptable circumstances in relation to the proposed bid by St Barbara Mines Ltd for Taipan Resources NL. The application was made by Troy Resources on Monday 5 February. Troy is also bidding for Taipan.

The application raised three matters for consideration by the Panel :