Village Roadshow 02 - Panel Receives Application in Relation to Village Roadshow Limited

The Panel has received an application from Boswell Filmgesellschaft mbH (Boswell) dated 15 June 2004 (the Application) alleging unacceptable circumstances in relation to the affairs of Village Roadshow Limited (VRL). Boswell is a shareholder of VRL.

In the Application, Boswell seeks:

• a declaration of unacceptable circumstances in relation to the current on-market buy-back of ordinary shares being conducted by VRL announced on 28 May 2004 (the Buy-back) and the previous acquisition of preference shares by VRL announced on 26 March 2004 and 11 May 2004 respectively;
• interim orders restraining VRL from making further acquisitions of ordinary shares under the Buy-back pending determination of the Application;
• final orders prohibiting VRL from acquiring ordinary shares under the Buy-back; and
• to the extent that VRL has acquired any ordinary shares under the Buy-back prior to final orders being made, final orders cancelling any of those acquisitions that has not already been settled, and returning Village Roadshow Corporation Limited (the largest shareholder of VRL) to the level of voting power in VRL that it had before any acquisition of shares under the Buy-back occurred.

The Panel has not yet sought the views of VRL or other persons potentially involved in the Application and has therefore formed no views on the Application.

The President of the Panel is appointing a sitting Panel to consider the Application.

George Durbridge
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au