4.2 Citigold Corporation Limted bid for Great Mines Limited: Panel accepts undertakings On 9 January 2004, the Panel concluded the proceeding (the Proceeding) arising from the application (the Application) made by the Australian Securities and Investments Commission (ASIC) on 10 December 2003 alleging unacceptable circumstances in relation to the off market scrip takeover bid of Citigold Corporation Limited (CTO) for all of the issued ordinary shares in Great Mines Limited (GML) (Bid). The Proceeding concluded following acceptance by the Panel of undertakings provided by CTO. ASIC alleged that unacceptable circumstances arose from deficiencies in CTO's bidder's statement, specifically: GML shareholders and directors had not received enough  information to enable them to assess the merits of the CTO Bid; and the bidder's statement contained misinformation because it  contained valuations of CTO and GML it alleged did not comply with relevant standards and had been prepared for another purpose, namely to assist CTO shareholders to decide whether to approve the Bid at a general meeting; and the bidder's statement contained references to ASIC's  "acceptance" of a valuation and to an endorsement by a mining engineer, without their consent. The has decided, under section 201A of the Australian Securities and Investments Commission Act 2001 to accept the following undertakings in writing from CTO: CTO will send all shareholders in GML a letter, in a form  approved by the Panel, advising shareholders that: they should disregard the experts reports supplied by CTO in it bidder's o statement of 22 October 2003 and its supplementary bidder's statement of 3 December 2003 (TWA Reports) and instead rely on the independent experts report provided by GML in its supplementary target statement of 17 December 2003 (REC Report); if they have accepted the offer under the Bid, they will have until a o specified date to withdraw their acceptance (such date to be 21 days from the date of dispatch of the letter); and the time for acceptances of the offer will remain open until the time to o withdraw acceptances has expired. CTO will give effect to the statements made in the letter to  GML shareholders, specifically with respect to withdrawal of
4.2 Citigold Corporation Limted bid for Great Mines Limited: Panel accepts undertakings On 9 January 2004, the Panel concluded the proceeding (the Proceeding) arising from the application (the Application) made by the Australian Securities and Investments Commission (ASIC) on 10 December 2003 alleging unacceptable circumstances in relation to the off market scrip takeover bid of Citigold Corporation Limited (CTO) for all of the issued ordinary shares in Great Mines Limited (GML) (Bid). The Proceeding concluded following acceptance by the Panel of undertakings provided by CTO. ASIC alleged that unacceptable circumstances arose from deficiencies in CTO's bidder's statement, specifically:  GML shareholders and directors had not received enough information to enable them to assess the merits of the CTO Bid; and  the bidder's statement contained misinformation because it contained valuations of CTO and GML it alleged did not comply with relevant standards and had been prepared for another purpose, namely to assist CTO shareholders to decide whether to approve the Bid at a general meeting; and  the bidder's statement contained references to ASIC's "acceptance" of a valuation and to an endorsement by a mining engineer, without their consent. The has decided, under section 201A of the Australian Securities and Investments Commission Act 2001 to accept the following undertakings in writing from CTO:  CTO will send all shareholders in GML a letter, in a form approved by the Panel, advising shareholders that: o they should disregard the experts reports supplied by CTO in it bidder's statement of 22 October 2003 and its supplementary bidder's statement of 3 December 2003 (TWA Reports) and instead rely on the independent experts report provided by GML in its supplementary target statement of 17 December 2003 (REC Report); o if they have accepted the offer under the Bid, they will have until a specified date to withdraw their acceptance (such date to be 21 days from the date of dispatch of the letter); and o the time for acceptances of the offer will remain open until the time to withdraw acceptances has expired.  CTO will give effect to the statements made in the letter to GML shareholders, specifically with respect to withdrawal of