Zenith Minerals Limited 03R & 04R – Review Panel Accepts Undertakings and Affirms Declaration and Orders

The review Panel has affirmed the decisions of the initial Panel to make a declaration of unacceptable circumstances and orders in Zenith Minerals Limited 01 & 02 (see TP26/059 and TP26/67) after accepting undertakings from Zenith Minerals Limited (Zenith) and Forrestania Resources Limited (Forrestania). Zenith is currently the subject of a recommended off‑market takeover bid by Forrestania. The review Panel substantially agreed with the conclusions of the initial Panel set out in the initial Panel’s declaration, except it considered that disclosure by Forrestania and Zenith should have addressed certain additional matters including the commercial and legal implications for Zenith if Forrestania does not wholly own Zenith following the completion of Forrestania’s bid, including if Zenith remains listed on ASX. The review Panel accepted undertakings from Forrestania and Zenith to make such disclosures in a form the review Panel does not object to and incorporate it as part of their supplementary bidder’s statement and supplementary target’s statement (respectively) prepared pursuant to the initial Panel’s orders (Annexures A and B). The review Panel considered, having regard ...