Panel Declines to Make Interim Orders Restraining Troy On-Market [18/12/2000] The Takeovers Panel

Monday, 18 December 2000

Panel Declines to Make Interim Orders Restraining Troy On-Market

The Takeovers Panel advises that today, it has decided not to make interim orders restraining Troy Resources from acquiring shares in Taipan Resources on-market under a new takeover offer which Troy announced on 13 December that it would make. However, the Panel advised that it has not yet made any decision on the substantive application.

Taipan applied on 15 December for a declaration of unacceptable circumstances in relation to Troy's announcement of 13 December that it intends to allow its current, bid for Taipan to lapse and to make another offer shortly, which would be conditional only on no prescribed occurrences.

The Panel said that it considered that declining to make interim orders will not cause irretrievable harm if it later decided that the on-market acquisitions, or the new offer, lead to unacceptable circumstances. The Panel decided that, in the absence of irretrievable mischief, the balance of convenience lay with not making interim orders.

The sitting Panel for this application is Professor Ian Ramsay (President), Peter Cameron and Trevor Rowe.

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