Panel Commences Proceedings in Further Application In Relation to St Barbara's Proposed Bid for Taipan Resources [05/03/2001] The Takeovers Panel

Monday, 05 March 2001

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

The Takeovers Panel advises that it has today decided to commence proceedings in relation to 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 27 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 their clients is unacceptable.

The sitting Panel on this matter is Denis Byrne (President), Trevor Rowe (deputy President), and Michael Burgess.

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