Panel Receives Application from Vanteck (VRB) Technology Corp in Relation to Pinnacle VRB Ltd [25/09/2001] The Takeovers Panel

Tuesday 25 September 2001

PANEL RECEIVES APPLICATION FROM VANTECK (VRB) TECHNOLOGY CORP IN RELATION TO PINNACLE VRB LTD

The Panel advises that it has received an application by Vanteck (VRB) Technology Corp in relation to its bid for Pinnacle VRB Limited.

Vanteck has applied for declaration of unacceptable circumstances in relation to the conduct of one of the directors of Pinnacle, Mr David Pethard. Vanteck alleges that the letters sent by Mr Pethard to shareholders of Pinnacle on 17 September 2001 concerning Vanteck's bid for Pinnacle and the upcoming general meeting of Pinnacle's shareholders scheduled for Monday, 1 October give rise to unacceptable circumstances.

Vanteck alleges that Mr Pethard's letters contain information, which is misleading and defamatory of Vanteck, and therefore give rise to unacceptable circumstances.

Vanteck has applied for orders that the Panel postpone the general meeting scheduled for Monday, 1 October and direct Mr Pethard to circulate a letter to Pinnacle shareholders retracting comments in his letters.

The President of the Panel, Simon McKeon, has appointed the following sitting Panel in this matter:

Ms Marian Micalizzi (sitting President)

Ms Robyn Ahern (sitting Deputy President); and

Ms Alison Lansley

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