Panel Receives Application in Relation to Reliable Power Inc.'s Takeover Bid for Pinnacle VRB Limited [23/03/2001] The Takeovers Panel

Friday, 23 March 2001

PANEL RECEIVES APPLICATION IN RELATION TO RELIABLE POWER INC'S TAKEOVER BID FOR PINNACLE VRB LIMITED

The Takeovers Panel has received an application from Pinnacle VRB Limited (Pinnacle ) for a declaration of unacceptable circumstances in relation to the bidder's statement issued by Reliable Power Inc. (Reliable ) for the purposes of its cash bid for Pinnacle. Pinnacle's application was received on 15 March 2001. Reliable sent its bidder's statement to Pinnacle shareholders on 20 March 2001.

The application asserts that Reliable's bidder's statement does not provide sufficient information for Pinnacle shareholders to assess the merits of Reliable's bid, particularly as regards funding of the bid and control of Reliable.

Pinnacle has applied for a declaration that unacceptable circumstances exist, and has requested that the Panel make a range of orders requiring Reliable to amend its bidder's statement. Pinnacle also applied for interim orders restraining the dispatch of Reliable's bidder's statement. The Panel declined to make interim orders.

The President of the Panel, Mr Simon McKeon, has appointed Marian Micalizzi (sitting President), Louise McBride (sitting Deputy President) and Robyn Ahern to sit on the matter.

Heidi Mitchell
Corporations and Securities Panel
Level 47, Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3535
heidi.mitchell@takeovers.gov.au