The Takeovers Panel (the Panel) has today published its reasons for its decision in relation to an application by Glencore International A.G. and Fornax Investments Limited (together, Glencore) received on 12 May 2005 in relation to the affairs of Austral Coal Limited (Austral).

The Takeovers Panel has today released a draft Issues Paper seeking public comment on the circumstances in which the Panel may consider whether or not unacceptable circumstances exist in relation to a rights issue which has the potential to have an effect on control of a company.

The Panel announces today that it has further extended the stay of Orders 1, 2, 3 and 5 of the Orders dated 1 July 2005 in relation to the Austral Coal Limited 02 matter to 22 July 2005 (see Media Release TP05/50).

The Takeovers Panel advises that its President has declined to grant consent under section 657EA(2) of the Corporations Act 2001 to a review of the Panel's decision in the Austral Coal Limited 03 proceedings, following receipt of a review application dated 12 July 2005 from Glencore International AG.

The Takeovers Panel advises that is has declined to commence proceedings in relation to an application dated 4 July 2005 from Glencore International AG, which was lodged outside the statutory 2 month time limit, in relation to the affairs of Austral Coal Ltd (Austral Coal) which is currently the subject of a takeover offer by Centennial Coal Company Limited (Centennial).

The Takeovers Panel announces that it has extended the stay of Orders 1, 2, 3 and 5 of the Orders dated 1 July 2005 in relation to the Austral Coal Limited 02 matter to 15 July 2005.

The Takeovers Panel announces that it has made a declaration of unacceptable circumstances and orders in relation to the application received by it on 3 June 2005 from Centennial Coal Limited (Centennial), in relation to the affairs of Austral Coal Limited (Austral Coal), which is currently the subject of a takeover offer by Centennial (see Media Releases TP05/47 and TP05/48).

The Panel has decided to conduct proceedings with respect to the application from Centennial Coal Company Limited (Centennial) in relation to the affairs of Austral Coal Limited (Austral). As noted in the Panel's Media Release TP05/47 of 6 June 2005, Centennial has alleged that unacceptable circumstances exist in relation to the failure by Glencore International AG to make timely disclosure regarding equity swap arrangements it entered into in relation to more than 5% of Austral.