Application by Taipan Resources in Relation to Troy Resources' Bidder's Statement [16/11/2000] The Takeovers Panel

Thursday, 16 November 2000

Application by Taipan Resources in Relation to Troy Resources' Bidder's Statement

The Takeovers Panel advises that it has today received an application from Taipan Resources in relation to the bidder's statement of Troy Resources dated 2 November.

The application relates to Taipan's concerns over Troy's disclosure in its bidder's statement in relation to Troy's:

  • funding arrangements for its bid,
  • entitlement to Taipan shares, and
  • intentions in relation to a Taipan convertible note held by Rothschild Australia.

Taipan has sought an interim order restraining dispatch of Troy's bidder's statement. Troy lodged its bidder's statement on 2 November with ASIC and, under section 633(1) of the Corporations Law, may dispatch it from tomorrow.

One of the issues the Panel will consider is whether the issues raised in this application have any material overlap with issues raised in concurrent proceedings in the Supreme Court of Western Australia under an oppression action brought by Troy, and the Court's consideration of the proposed merger of Taipan and St Barbara Mines under a scheme of arrangement.

The sitting Panel is currently proposed to be Simon McKeon (President), Professor Ian Ramsay and Denis Byrne.

Nigel Morris
Director
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au