Iron ore junior BC Iron Ltd (ASX: BCI) has asked the Takeovers Panel to challenge the validity of Regent Pacific Ltd’s purported termination of the Scheme Implementation Agreement (SIA) between the companies as announced on Tuesday 15 March 2011.

Hong Kong-listed Regent Pacific withdrew its $345 million bid or $3.30-a-share offer last week because it did not have support of 21.1 per cent shareholder Consolidated Minerals.

The Pilbara miner has written to Regent rejecting its purported termination of the SIA and requesting that it withdraw its purported termination of the SIA.

BC Iron files an application with the Takeovers Panel shortly, seeking a declaration of unacceptable circumstances and orders requiring it to proceed in accordance with the SIA.

BC Iron said its directors remain committed to ensuring all of its shareholders have an equal opportunity to consider the merits of the scheme of arrangement in a fully informed manner.

Prior to the purported termination of the SIA, the Scheme Booklet and associated documents were well progressed.

Should the Takeovers Panel decide to intervene and provide the requested relief, BC Iron will resume the process of finalising the Scheme Booklet and Independent Expert's Report and as a first step, will be in a position to promptly lodge the Scheme Booklet with ASIC as it is required to do as part of the scheme process.

BC Iron said it will inform shareholders as soon as the outcome of the Takeovers Panel application is known.

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