The litigation over Yandal Gold’s takeover bid for Great Central Mines has been finalised, following final orders by Justice Merkel in the Federal Court.
The orders delete the option for shareholders to claim withdrawal rights on their shares.
Following an action by ASIC, Justice Merkel found, in June 1999, that Yandal Gold, Edensor Nominees Pty Ltd (the trustee of the Gutnick Family Trust) and subsidiaries of Normandy Mining Limited, had breached the takeover provisions of the Corporations Law in relation to the takeover of Great Central Mines.
Justice Merkel ordered that former shareholders of Great Central Mines Limited who accepted the takeover offer by Yandal Gold Pty Ltd, or had their shares compulsorily acquired, be compensated.
Alternatively, the former shareholders were given the option of withdrawal - that is, repaying the takeover price for Great Central and having the Great Central shares transferred back to them.
Final orders to distribute the compensation were made in November 2002, and over $33.7 million was sent to 3,000 former Great Central shareholders.
Normandy Mining Ltd (now Newmont Australia Ltd) subsequently applied to the court for the withdrawal option to be removed. This was granted on evidence that the shares do not appear to have any value, are no longer traded on the ASX and are likely to be delisted.
Former Great Central shareholders who have not received compensation cheques, can contact Computershare Investor Services Pty Ltd on 1300 855 080, or, from outside Australia, on 61 3 9615 5970.