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Forrestania Resources Restricted From Declaring Zenith Offer Unconditional Without Approval

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Forrestania Resources (ASX:FRS) agreed not to declare its takeover bid for Zenith Minerals (ASX:ZNC) free of any defeating conditions without prior approval from the Takeovers Panel or the acting president, following an application by Harvest Lane Asset Management, according to a Monday Australian bourse filing.

The Panel accepted the company's undertaking under the Australian Securities and Investments Commission Act 2001 in relation to Harvest Lane's application concerning Zenith's affairs, per the filing.

The company's undertaking will remain effective until the Panel approves any variation or release, the proceedings are resolved, or two months from the date of the undertaking have passed, whichever occurs first, the filing said.

The company has agreed to ensure compliance with the undertaking and provide affected parties its benefits, with the Panel able to seek court orders, including compensation, for any breach, the filing added.

Forrestania Resources' shares added over 1% in recent Monday trade, while Zenith Minerals' shares rose 2%.

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