These are the Panel’s reasons for not commencing proceedings following the application by Lion Nathan Limited and Lion Nathan Australia Pty Limited for a declaration of unacceptable circumstances in relation to disclosure in the Second Supplementary and Corrective Target’s Statement of Coopers Brewery Limited issued on 1December 2005 regarding Coopers new policy concerning withdrawal of transfer notices from the pre-emptive rights regime in the Coopers’ Constitution.

These are the Panel’s reasons for concluding these review proceedings and affirming the decision of the Coopers 03 Panel and the Coopers 04 Panel.

These are the Panel’s reasons for concluding proceedings without making a declaration of unacceptable circumstances or final orders. In part the Panel's decision was based on an undertaking by Coopers to give a corrective target's statement to its shareholders correcting a number of misleading statements in Coopers Target's Statement concerning, inter alia the value of Coopers shares.