The Takeovers Panel has knocked back an application from the Western Australian Fire and Emergency Services Superannuation Board regarding a LinQ Resources Fund takeover proposal launched by Singapore’s IMC Resources.
The application was surrounding a condition of IMC’s bid, which required the acceptance of around 37 per cent of the shares in LinQ Resources held as treasury units, within three weeks of the opening of the offer.
IMF currently holds a 41.74 per cent in LinQ, excluding the treasury units.
The Takeovers Panel said it had accepted undertakings provided by LinQ, and declined to conduct proceedings.
Shares in LinQ were lightly traded today, closing steady at 69 cents.
By Dan Wilkie
