Panel Affirms ASIC Refusal to Allow Troy to Waive Condition

The Takeovers Panel advises that it has today affirmed ASIC's decisions to refuse to allow Troy Resources to waive the defeating condition in its bid for Taipan. The Panel received an application from Troy on Friday 8 December, for a review of ASIC's decisions.

On 2 November and 5 December ASIC refused Troy's application to waive the pre-condition, then defeating condition, attached to Troy's bid that a merger between Taipan and St Barbara Mines not proceed. ASIC had previously required the condition to be non-waivable.