Panel Receives Further Application in Relation to St Barbara's Proposed Bid for Taipan Resources [27/02/2001] The Takeovers Panel

Tuesday, 27 February 2001

Panel Receives Further Application in Relation to St Barbara's Proposed Bid for Taipan Resources

The Takeovers Panel has received an application for a declaration of unacceptable circumstances in relation to the bidder's statement issued St Barbara Mines Ltd in its bid for Taipan Resources NL. The application was made by Troy Resources on Tuesday 273 February. Troy is also bidding for Taipan.

The application asserts that St Barbara's bidder's statement has disclosure deficiencies in relation to:

  • Funding;
  • St Barbara and its prospects; and
  • St Barbara's intentions.

The application also asserts that St Barbara's offer to pay commission to brokers following acceptances by clients is unacceptable.

Troy has applied for a declaration that unacceptable circumstances exist, and requested orders that St Barbara issue a replacement bidder's statement and dispose of any on-market purchases.

The President of the Panel Mr Simon McKeon is currently assembling a Panel to sit on the matter.

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