Application to Takeovers Panel in Relation to Ballarat Goldfields NL

The Panel advises that it has received an application from RFC Corporate Finance (as agent for a group of shareholders) in relation to a break fee entered into by Ballarat Goldfields.

Ballarat granted the break fee to Rexadis P/L (a company associated with past or present officers of Ballarat) in relation to a proposal by Rexadis to acquire the core gold assets of Ballarat.

RFC asserts that size of the break fee is too large, especially when it had put forward an alternative proposal for Ballarat shareholders to consider for the future of their company.