Panel Declares Unacceptable Circumstances in Relation to Vanteck's Takeover for Pinnacle Over Listing Application

The Panel advises that it has today made a declaration of unacceptable circumstances and final orders in relation to Vanteck (VRB) Technology Corp's takeover bid for Pinnacle VRB Limited. Vanteck is listed on the Canadian Venture Exchange. The Panel has ordered that Vanteck proceed as soon as practicable to make an application for quotation of its securities on ASX and that it extend the closing date of its bid. Pinnacle shareholders who have accepted since that announcement will also be able to withdraw their acceptance of the bid.

During the proceedings, ASIC submitted that :