Panel Publishes Reasons for Declaration in Vanteck's Announcement of Intention to Seek Listing [07/11/2001] The Takeovers Panel

Wednesday, 7 November 2001

PANEL PUBLISHES REASONS FOR DECLARATION IN VANTECK'S ANNOUNCEMENT OF INTENTION TO SEEK LISTING

The Panel advises that it has today published the reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to Vanteck (VRB) Technology Corp's takeover bid for Pinnacle VRB Limited.

Vanteck announced on 7 September 2001 that it intended to seek quotation for its securities on ASX. Vanteck is currently listed on the Canadian Venture Exchange. The Panel found that Vanteck had not made acceptable steps to apply for quotation on ASX and had failed to keep the market and Pinnacle shareholders properly informed. It ordered on 17 October that Vanteck proceed as soon as practicable to make an application for quotation of its securities on ASX and that it extend the closing date of its bid. Pinnacle shareholders who accepted the bid after that announcement on 7 September and prior to 22 October have an opportunity to withdraw their acceptance of the bid.

The sitting Panel in this matter is constituted by Ms Marian Micalizzi (sitting President), Ms Robyn Ahern (sitting Deputy President) and Ms Alison Lansley.

The reasons for decision are available on the Panel's website: www.takeovers.gov.au .

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