Panel Makes Interim Orders Extending Bid and Deferring EGM in Pinnacle No.11 Proceedings [11/10/2001] The Takeovers Panel

Thursday, 11 October 2001

PANEL MAKES INTERIM ORDERS EXTENDING BID AND DEFERRING EGM IN PINNACLE NO.11 PROCEEDINGS

The Panel advises that the Pinnacle No.11 Panel has today made interim orders postponing the closing date of Vanteck (VRB) Technology Corp's bid for Pinnacle VRB Ltd by a week and postponing the date for Pinnacle's general meeting of shareholders by a week in relation to the Pinnacle No.11 proceedings.

Vanteck's offer was previously due to close on Friday, 12 October 2001 and the general meeting of Pinnacle shareholders called by Vanteck pursuant to section 249F of the Corporations Act was due to be held on Monday, 15 October 2001 (EGM).

The Panel's interim orders postpone the closing date of Vanteck's offer until a date not earlier than Friday, 19 October 2001 and postpone Pinnacle's EGM to a date not earlier than Monday, 22 October 2001.

The Panel does not expect that it will be able to reach a decision in relation to the Application before Monday 15 October 2001 and therefore considered that the interim orders should be made to allow it sufficient time to resolve the issues raised in the Pinnacle No.11 application. The Panel is concerned to ensure that any uncertainty as to the rights of Pinnacle shareholders and Vanteck as a result of the Pinnacle No.11 proceedings is resolved prior to Vanteck's offer closing and the EGM taking place.

The Panel also notes that the Pinnacle No.9 Panel is still considering some outstanding issues raised in those proceedings which also relate to Vanteck's bid for Pinnacle and which may result in further orders.

The Panel in this matter is constituted by Mr Simon McKeon (sitting President), Mr Kevin McCann (sitting Deputy President) and Mr Chris Photakis.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au