Apple Oil & Gas, which has initiated a hostile takeover bid for exploration group Aminex, has been ordered by the Irish Takeover Panel to withdraw comments it has made about Aminex in a recent press statement and circular.
Apple and its chief executive, Mr David McErlain, have incurred the panel's wrath on two fronts.
The panel said Mr McErlain had made misleading statements when he said last week: "It is early days yet and we are looking closely at a number of matters concerning Aminex which have come to our attention. They will be detailed in our forthcoming document responding to Aminex's defence. As Aminex's share price continues to fall and further information in Aminex and its management comes to light, I am sure that shareholders will appreciate the value of our offer."
The panel has ordered Aminex to withdraw this statement.
Separately, the panel has decided that Apple's use of two quotations from the Irish Examiner and the Financial Times, which suggested that Aminex shareholders might get 40p sterling (65 cents) a share under the terms of the Apple offer, was in breach of takeover rules "because the quotations fail to satisfy the required standards of accuracy and fair presentation as the quotations were not corroborated or substantiated by Apple to the standards required by the rules".
Meanwhile, Aminex's defence against the hostile takeover bid has been boosted after it emerged that two shareholders controlling 11.6 per cent of Aminex shares are prevented from accepting the Apple offer.
Solestar Corporation, which holds a 5.3 per cent stake in Aminex, has given an irrevocable commitment not to accept the offer, an undertaking that ceases to be binding after September 30th.
Separately, Aminex's acquisition of Tanzoil means that shareholders holding 6.3 per cent of Aminex shares are prevented from selling any of these shares before September 1st.
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