The Panel has declined to conduct proceedings on an application dated
On
The Nordgold Announcement contained statements, including that: 'Norgdold's on-market offer has been extended by seven days and will now close on Monday
the
Nordgold's on-market offer therefore provides shareholders with the quickest and most expedient route to securing the full cash payment for tendered shares;
Nordgold also intends to provide an off-market alternative for shareholders who prefer this option. The terms of this alternative will be commercially the same as those offered by
Footnote 1 to the Nordgold Announcement stated that 'Cardinal has applied to the
Cardinal submitted (among other things) that the Nordgold Announcement had resulted in an uninformed market and that it was made at a time in which undertakings given in notices of appearance lodged by Nordgold in relation to
The Panel considered (among other things) that it was not persuaded that any of the statements made in the Nordgold Announcement were misleading or in contravention of the undertakings given in the Notices of Appearance and, in any event, those statements had been overtaken by events.
The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.
The sitting Panel was
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