Further Application in Relation to Break Fees in Newmont Bid for Normandy
The Panel advises that it yesterday received a further application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application seeks a declaration of unacceptable circumstances in relation to a break fee which was agreed in a deed of undertaking dated 14 November 2001 between Normandy and Newmont.
Under the break fee arrangement Normandy agrees, in certain circumstances where Newmont's bid is not successful, to pay various costs incurred by Newmont up to a cap of A$38.33 million.