Panel Publishes Reasons on Issue of Shares by

Release number


The Takeovers Panel (the Panel) advises that it has published its reasons for its decision to decline an application by Fast Scout Limited (Fast Scout) in relation to the issue to Macquarie Bank Limited (Macquarie) of 6.667 million shares in Ltd (Bigshop). Fast Scout is currently in the process of making a takeover bid for Bigshop. Fast Scout applied on 13 September 2001 and the Panel announced its decision on 27 September 2001.

Fast Scout applied for a declaration of unacceptable circumstances in relation to a proposed placement of 10 million ordinary shares by Bigshop to Macquarie and other arrangements, and for an interim order restraining Bigshop from proceeding with the Proposal until the matter has been determined by the Panel.

The Panel considers that, in the particular circumstances of Fast Scout's currently proposed bid, the Proposal (as amended) would not reasonably frustrate Fast Scout's stated intention and purpose of its proposed offer for Bigshop.

The sitting Panel was Brett Heading (sitting President), Meredith Hellicar (sitting deputy President) and Tro Kortian.

The reasons are on the Panel's website at

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne
Ph: +61 3 9655 3501