Anaconda Nickel Limited 04 – Panel Declines Application for Interim Order in Anaconda Nickel Limited [30/01/2003] The Takeovers Panel

30 January 2003

PANEL DECLINES APPLICATION FOR INTERIM ORDER IN ANACONDA NICKEL LIMITED

The Panel advises that it has today declined an application for an interim order restraining dispatch of the offer document in the offer for Anaconda Rights from MatlinPatterson Global Opportunities Partners LP (MP Global).

The application for the interim order was from Glencore International AG (Glencore) and formed part of the Anaconda 04 application by Glencore.

The Panel advised MP Global that it was, however, concerned that Anaconda shareholders be promptly informed of the large degree of uncertainty currently facing the shareholders of Anaconda, the MP Global offers and the rights issue. MP Global agreed to the Panel's request to write to Anaconda shareholders today with its offer document, advising them of the existence of the various applications before the Panel and advising them that Panel decisions may potentially affect the offers etc.

MP Global advises the Panel that it is sending a letter, and a copy of the Panel's Media Release, with its Rights Offer Document, to Anaconda shareholders. It has advised that it will send the letter separately to those Anaconda shareholders who were sent the Rights Offer Document prior to MP Global's undertaking to the Panel.

In its letter MP Global advises that as at the date of its letter:

  1. none of the applications before the Panel has been finally dealt with
  2. the Panel may make orders in relation to any of these applications which could affect any or all of MP Global's offers for ANL's shares and rights, ANL's rights issue, and the underwriting of the rights issue by Glencore;
  3. Anaconda shareholders should monitor ASX's website for further updates on these applications, as if any such orders are made or if any other important developments occur in relation to these applications, they will be made public through ASX.

MP Global noted that the Panel has refused to make the interim order preventing MP Global from sending the Rights Offer Document to Anaconda shareholders.

The Panel advises that it continues to progress its consideration of the current applications.

The Panel has not yet sought the views of persons potentially involved in the applications 02 - 05 and has therefore formed no views on the application.

The President of the Panel has appointed the Anaconda 01 Panel, Brett Heading, Tro Kortian and Peter Scott, to consider all of the Anaconda applications.

Nigel Morris,
Director, Takeovers Panel
Level 47 Nauru House,
80 Collins Street,
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au