Requests stop on takeover bid

ASIC has applied to the Takeovers Panel for a declaration of unacceptable circumstances in relation to the affairs of Cobra Resources Limited.

On May 7, Cobra released an announcement to the Australian Stock Exchange which attached a document titled ‘Bidders Statement’ (sic) received from Mr Terry Stephens on May 6.

The Bidder’s statement has not been lodged with ASIC, as required under the Corporations Act.

On May 8, ASIC sent a letter to Mr Stephens setting out concerns in relation to alleged substantial procedural and disclosure breaches of the Corporations Act and the ASX Business Rules, requesting that the concerns be addressed.

ASIC is concerned that there is uncertainty in relation to the status of the bid, which could result in the market being uninformed.

ASIC has applied to the Takeovers Panel for orders that Mr Stephens be restrained from proceeding with the bid.

Scores from Federal Budget

The Federal Government has allocated an additional $12.3 million over four years to assist ASIC to implement CLERP 9 initiatives.

Sees court result

Gavin Brown will stand trial in the Fremantle District Court on six charges of market manipulation laid by ASIC.

ASIC has alleged Mr Brown placed orders in respect to shares in Astron Limited between August and December 2001, in a manner that was likely to create a false or misleading appearance with respect to the market for Astron Limited.

The charges were laid following a referral from the Australian Stock Exchange.

Assessing brokers

ASIC is assessing expressions of interest from brokers to handle 411 million Anaconda Nickel Limited shares vested in ASIC as the result of a Takeovers Panel decision.

The appointed broker will be required to sell the shares into the market through a book build process.

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