The Deloitte Corporate Finance report, which contains technical data from Xstract Mining Consultants, is the result of a Takeovers Panel order issued in late September.

Bhushan originally made an offer for Bowen in July at 14c per share.

The Indian steelmaker increased its stake from 22.2% to 59.6% by the end of the takeover period after the Bowen board recommended the bid.

Major shareholder Macrae then applied to the Takeovers Panel in relation to Bowen’s affairs, alleging that unassociated members of the Bowen board had an interest in the Bhushan bid succeeding and that there were “material deficiencies” in the independent expert’s report.

The panel made a declaration of unacceptable circumstances and ordered a new independent report.

Deloitte’s report means Bhushan does not have to offer to give back the shares it has gained under the bid.

Bowen’s shares have been volatile since the report was released last Wednesday, but are unchanged this morning at 10.5c.