Pinnacle 8 Review Panel - Publishes Reasons for Decision [25/06/2001] The Takeovers Panel

Monday 25 June 2001

Pinnacle 8 Review Panel Publishes Reasons for Decision

The Panel advises that it has today published the reasons for the review Panel's decision in relation to the application made by Reliable Power Inc on 23 May 2001 for a review of the Pinnacle 5 Panel's decision (Pinnacle 8). On 18 June 2001 the review Panel released details of its decision not to make a declaration or orders in relation to the application for review by Reliable Power Inc (see Media Release No. 56/2001).

The application related to the announcement by Pinnacle on 29 March 2001, that it has granted a licence to Vanteck (VRB) Technology Corp to market, sell, manufacture and utilise Pinnacle's Vanadium Redox Battery technology within Canada, the United States, Central and South America (the Vanteck Transaction), and a further transaction announced on 11 April 2001, that Pinnacle has granted Int-A-Grid (UK) Ltd similar, sole and exclusive licence for the territories of Europe, Russia and the Middle East (the Int-A-Grid Transaction) ( together the Transactions).

The sitting Panel (the review Panel/the Pinnacle 8 Panel) in this matter was Justice Kim Santow (sitting President), Denis Byrne (sitting Deputy President) and Trevor Rowe.

The sitting Panel's reasons are available on the Panel's website:

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501