Metallica Minerals Limited addresses concerns and Panel decision

Metallica Minerals Limited (ASX: $MLM) has had the Panel decline to make a declaration of unacceptable circumstances following actions taken to address concerns. The Panel's decision was in response to an application from Diatreme Resources Limited (ASX: $DRX) regarding Metallica's affairs, particularly in relation to an off-market takeover bid by Diatreme.

Panel's decision and Metallica's response

The Panel declined to make a declaration of unacceptable circumstances after Metallica Minerals Limited addressed concerns raised. The concerns included Metallica's disclosure in relation to potential competing proposals, the definition of 'Superior Proposal' in Metallica's deed poll, and the potential for the Standstill to continue for an undetermined period of time post-17 June 2024 due to the announcement of a 'Superior Proposal'. The Panel considered that it is not against the public interest to decline to make a declaration of unacceptable circumstances.

Summary of Panel's decision and outlook

Metallica Minerals Limited (ASX: $MLM) has successfully addressed concerns raised by the Panel, leading to the Panel's decision to decline making a declaration of unacceptable circumstances. The company's actions to address the concerns, including the disclosure of potential competing proposals and the definition of 'Superior Proposal', were acknowledged. Looking ahead, Metallica's amended and restated deed poll dated 4 June 2024 reflects the company's commitment to addressing the Panel's concerns. The Panel's decision indicates a resolution of the issues raised, providing clarity for Metallica's ongoing affairs and the off-market takeover bid by Diatreme Resources Limited.