Panel Publishes Reasons on Issue of Taipan Shares

The Takeovers Panel advises that it has published its reasons for its decision to decline 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 2000. Troy applied on 29 November and the Panel announced its decision on 14 December 2000.

Troy had also 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.