Babcock & Brown Communities Group 02 - Panel Declines to Conduct Proceedings and Publishes Reasons

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The Panel has declined to conduct proceedings on an application dated 18 November 2008 from Australian Property Custodian Holdings Limited as responsible entity of The Prime Retirement and Aged Care Property Trust in relation to the affairs of Babcock & Brown Communities Group,1 which is the subject of a 40% proportional takeover bid by Prime Retirement (see TP08/105).

The Panel's reasons for decisions in the matter of Babcock & Brown Communities Group 02 are available on its website at

The President of the Panel appointed Hamish Douglass, Andrew Lumsden (sitting President) and Robert Sultan as the Panel to consider the application.

Allan Bulman
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3597

1 Babcock & Brown Communities Group is a stapled structure comprising shares in Babcock & Brown Communities Limited and units in Babcock & Brown Communities Trust (the responsible entity for which is Babcock & Brown Communities Investor Services Limited).