Panel Receives Application from Ronay Investments Pty Ltd and David Pethard in Relation to Vanteck Bid for Pinnacle
The Panel advises that it has received an application by Ronay Investments Pty Ltd and Mr David Pethard in relation to acceptances received by Vanteck (VRB) Technology Corp under its takeover bid for Pinnacle VRB Limited.
Ronay alleges that CSFB, Ronay's broker, erroneously and mistakenly authorised acceptance of Vanteck's bid. Ronay states that it did not authorise CSFB to accept the bid. Ronay also complains that Vanteck has refused to consent to a reversal of the transaction which is necessary under the SCH Business Rules before the acceptances could be reversed.