Deal is done: Vanteck now has control of world(and especially North American rights)
Dan
Vanteck increases its holdings in Pinnacle to 49.13%
Vanteck (VRB) Technology Corp VRB
Shares issued 26,712,806 Oct 10 close $1.72
Thu 11 Oct 2001
Mr. Rodney Duncan reports
Vanteck (VRB) Technology's interest in Pinnacle VRB Limited, an Australian
Stock Exchange (ASX) listed company, has increased to 27,958,982 shares or
49.13 per cent based on current processed acceptances as at 5 p.m. Oct. 11,
2001 (Melbourne time), as a result of the company's one Vanteck share for
every four Pinnacle shares (1:4) unconditional bid. The company's bidder's
statement was lodged with the Australian Securities and Investment
Commission (ASIC) on July 23, 2001, and distributed to Pinnacle
shareholders on Aug. 2, 2001. Prior to the offer, the company held
10,938,188 Pinnacle shares (19.94 per cent). The company will update
shareholders as further acceptances are processed.
The company received notification on Oct. 4, 2001 (Melbourne time), of a
decision by the Corporations and Securities Panel (CSP) in Australia that
the company should consent to the withdrawal of acceptances, totalling
approximately 1.7 million shares that were accepted into the company's
takeover bid on Sept. 24, 2001. The company notes that these disputed
acceptances are included in the above figures, and that the company is
appealing this decision. |
