Canyon Resources Ltd Undertakings Accepted by Panel
Key points
- Canyon Resources Ltd to amend IBC charter to manage insider influence
- A2MP to adhere to strict information and communication protocols
- Undertakings cease upon bid closure or legal determination
Full summary
Canyon Resources Ltd has accepted undertakings to amend its Independent Board Committee (IBC) charter to ensure the IBC can respond to A2MP's takeover bid without insider influence and to prevent the sharing of confidential information with A2MP. A2MP has undertaken not to access or solicit confidential information without IBC approval and to adopt a nominee protocol for communications with its nominee directors. These undertakings are in response to concerns raised by the Panel regarding the effectiveness of existing protocols and processes.
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