Orders from the Takeovers Panel forcing Rand Mining to sell its $60.1 million stake in closely linked gold miner Tribune Resources have been put on hold following a review application.
Rand has applied to the panel to review its decision, which requested the gold miner vest 12 million Tribune shares to the Australian Securities and Investments Commission to sell.
“A review panel has not been appointed at this stage and no decision has been made whether to conduct proceedings,” the panel said in a statement.
“The panel makes no comment on the merits of the application.
“The president of the panel has made interim orders to stay orders one to four of the initial panel’s orders until the earliest of further order of the panel, determination of the proceedings or two months from the date of the interim orders.”
The panel has also ordered Rand managing director Anthony Billis, his wife Phanatchakorn Wichaikul, and several other entities to provide corrective substantial holder disclosure.
The relevant parties have also had voting restrictions placed on them along with provisions related to the creep exception.
Tribune and Rand are closely linked to one another, sharing the same board of directors, the same major shareholders and even their South Perth headquarters.
They are also the largest substantial shareholders in each other, with Rand owning 26.3 per cent of Tribune and Tribune owning 44.1 per cent in Rand.
The two companies own a combined 49 per cent stake in the EKJV (with Northern Star Resources owning 51 per cent), which owns the Kundana gold operation north-east of Coolgardie.
The two companies each announced special dividends worth a combined $250 million last month.
Shares in Rand last changed hands at $2.46 per share.
