Application in relation to QCT Resources Ltd Withdrawn [11/09/2000] The Takeovers Panel

Monday, 11 September 2000

Application in relation to QCT Resources Ltd Withdrawn

The Takeovers Panel today advised that it has consented to the withdrawal of an application for a declaration of unacceptable circumstances in relation to the affairs of QCT Resources Ltd (QCT). The application by QCT was for a declaration in relation to:

  • the affairs of QCT, and/or
  • the takeover offer for all the shares in QCT by Metcoal Holdings (Qld) Pty Ltd (Metcoal).

The Panel's consent to withdrawal is based on agreement between QCT and Metcoal on additional disclosure Metcoal will dispatch to QCT shareholders with its bidder's statement, and QCT's advice to the Panel that between the bidder's statement and its target's statement, QCT shareholders will now have enough information to enable them to assess the merits of the Metcoal proposal.

The Panel supports the conciliation of the parties and the fact that QCT shareholders will soon be the persons who determine the outcome of the bid.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street, Melbourne
(03) 9655 3501
nigel.morris@takeovers.gov.au