There is some confusion on this thread around the Takeovers Panel process - which has not been helped by clumsy description from Mr Ian McIllwraith of the Melbourne Age.
Let me attempt to set matters straight:
1) When the Takeovers Panel receives an application from an aggreived party (in this case BC Iron) it is standard practice for the Panel to make an announcement that an application has been received, but no decision has been made whether to appoint a sitting Panel to rule on the dispute.
2) What then follows is a period of STONEY SILENCE. That silence will be ended by one of two things: a) a release from the Panel stating that the Panel has taken a look at the matter and decided not to appoint a sitting Panel - CASE DISMISSED, or b) an announcement that a SITTING PANEL has in fact been beavering away examining the issues - very much like a court-room process - and that a DECISION HAS BEEN REACHED.
we are now about ten days into the period of SILENCE. What does this mean? Well - if a case is to be dismissed without a panel being appointed, that ALMOST ALWAYS TAKES PLACE WITHIN ONE WEEK.
Therefore - it is a fair presumption that a panel has now been appointed to assess this matter.
A FINAL DECISION from the panel should be published by the end of next week, but could come ANY DAY. The Panel likes to get things handled efficiently.
In the meantime, there are very strict confidentiality obligations imposed upon all parties.
I have some views on how the Panel is likely to rule, and will set these out in a later post if there is interest here.
BCI Price at posting:
$2.46 Sentiment: Buy Disclosure: Held
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