Application in Relation to Pinnacle VRB Ltd Withdrawn [01/08/2000] The Takeovers Panel

Tuesday, 01 August 2000

Application in Relation to Pinnacle VRB Ltd Withdrawn

The Takeovers Panel today advised that it has consented to the withdrawal of the application received on 28 July, 2000, for a declaration of unacceptable circumstances in relation to actions by a group of persons and companies seeking to alter the board of Pinnacle VRB Ltd, and a request for interim orders preventing those persons voting at a meeting of Pinnacle which had been called for Monday 31 July, 2000.

The Panel commenced enquiries over the weekend and had discussions with some of the parties. However, the Panel has not been required to determine the application and therefore has made no declaration, or interim or final orders.

The Panel's policy is that it reserves its right to consult with ASIC on any issues raised in the application or proceedings, and that it allows parties to make further application if required.

Nigel Morris
Director
Corporations and Securities Panel
Level 47
Nauru House
80 Collins Street
MELBOURNE VIC 3000
(03) 9655 3501