Ticor Resources Pty Ltd and Magnetic Minerals Limited directors have agreed to amend the terms of agreements under which the directors were required to accept a takeover bid by Ticor. The changes follow ASIC concerns that one clause in the agreement advantaged Magnetic directors, in the event of a higher bid. This clause stipulated the directors would receive additional payment (above the $0.55 per share) in the event Ticor sold the shares purchased from the directors into a higher bid. However such a payment was not available to other Magnetic shareholders. Ticor announced a takeover bid for Magnetic in December 2002, and the bidder
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