These are the reasons for our decision to make a declaration of unacceptable circumstances on the application by Troy Resources NL under section 657C of the Corporations Law dated 27 February 2001 for a declaration of unacceptable circumstances and orders in relation to a takeover bid by St Barbara Mines Limited for Taipan Resources NL.
The Panel yesterday declined an application by Alpha Healthcare Ltd (Alpha) in relation to the takeover bid by Ramsay Centauri P/L (Ramsay) for all of the shares in Alpha.
The Review Panel in relation to Pinnacle No. 6 advises that it has published its reasons for upholding the declaration of unacceptable circumstances made by the sitting Panel in Pinnacle VRB Limited No. 4 (Pinnacle No. 4), but now allowing Reliable Power Inc (Reliable) to proceed with its off market takeover offer for the ordinary shares in Pinnacle VRB Limited (Pinnacle) (the Bid). The Panel received an application for the review of the decision of the sitting Panel in Pinnacle No.
On 1 May 2001, following a review of the decision made by the Corporations and Securities Panel in relation to Pinnacle VRB Limited No. 4, we decided to allow Reliable Power Inc to proceed with its off market takeover offer for the ordinary shares in Pinnacle VRB Limited, subject to Reliable providing further disclosure of its funding arrangements to the shareholders of Pinnacle. At the same time, we also affirmed the declaration of unacceptable circumstances made by the Panel in Pinnacle No. 4.
These are our reasons for that decision.
On 11 May 2001, we decided that we had received insufficient evidence supporting the application by Majestic to commence proceedings on its allegations of deficiencies in the valuation of Namakwa in the independent expert's report prepared by Ernst & Young Corporate Finance Pty Ltd which accompanied the target statement issued by Namakwa on 23 April 2001.
These are our reasons for that decision.
These are the reasons for our decision to make a declaration of unacceptable circumstances on the application by Namakwa Diamond Company NL under section 657C of the Corporations Law received on 30 March 2001 for interim orders and a declaration of unacceptable circumstances in relation to a takeover bid by Majestic Resources NL.
On 9 April 2001, we stopped the takeover bid made by Reliable Power Inc on 20 March 2001 for all of the ordinary shares in Pinnacle VRB Limited, and ordered that the offers and contracts under the bid be cancelled, that Reliable notify the Australian Stock Exchange and shareholders of Pinnacle VRB Limited that the bid has been stopped, and prohibiting Reliable Power Inc from acquiring a further interest in shares in Pinnacle VRB Limited as a result of offers made or acceptances received under the bid.
These are our reasons for that decision.
The Takeovers Panel has declined to consider a third application concerning the takeover bid announced on 15 March by Majestic Resources for all of the shares in Diamond Company NL. The application is made by Majestic. It alleges deficiencies in the valuation of Namakwa of shares in Namakwa's target's statement.
The Panel considers that the nature of the matters raised in Majestic's application means that they may be appropriately raised by Majestic in a response to Namakwa's target's statement.
The Takeovers Panel advises that it has published its reasons for a declaration of unacceptable circumstances and orders in relation to Reliable Power Inc's takeover bid for Pinnacle VRB Ltd announced on 22 January 2001 and made on 20 March. The Panel received the application on 15 March and announced its decision on 9 April.
Pinnacle said that Reliable's bidder's statement did not give sufficient information for Pinnacle shareholders to assess Reliable's bid, whether Reliable could pay for all the shares under the bid, and who would control Reliable after the bid.
The Panel has decided to stay the proceedings brought by Reliable Power Inc (Reliable) in relation to the off market cash takeover offer by Reliable for the ordinary shares in Pinnacle VRB Limited (Pinnacle) and the announcement by Pinnacle on 29 March 2001, that it has granted a licence to Vanteck (VRB) Technology Corp (Vanteck) to market, sell, manufacture and utilise the Vanadium Redox Battery (VRB) technology within Canada, the United States, Central and South America (the