Panel Publishes Reasons for Varying ASIC Decision in Federation Bid for Pinnacle

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.