The Panel announces that it has concluded its proceedings in the application made by Southcorp Limited on 28 January 2005 in relation to the takeover offer by a wholly owned subsidiary of Foster's Group Limited for Southcorp without making a declaration or orders, and without accepting any further undertakings (see the Panel's Media Releases TP05/14 of 28/01/05 and TP05/16 of 03/02/05).

The Panel announces that it has accepted an undertaking from Foster's Group Limited in the application by Southcorp Limited under sections 657C, 657D and 657E of the Corporations Act 2001 on 28 January 2005 in relation to the takeover offer by a wholly owned subsidiary of Foster's for Southcorp.

Following the Panel's media release TP05/06 of 13 January 2005, the Panel advises that it has decided to conduct proceedings with respect to certain issues arising from the application from Geoff Woodham Financial Services Pty Ltd in relation to the affairs of LV Living Limited (LVL).

The Takeovers Panel (Panel) advises that it has received an application dated 28 January 2005 from Southcorp Limited (Southcorp) in relation to the takeover offer by Beringer Blass Wines Pty Limited (Beringer) (a wholly owned subsidiary of Foster's Group Limited (Foster's)) for all of the shares in Southcorp. The terms of Foster's offer are set out in the bidder's statement dated 18 January 2005.

The Panel has concluded the combined proceedings arising from the application from Xstrata Capital Holdings Pty Ltd (Xstrata) dated 12 January 2005 (the Xstrata Application) alleging unacceptable circumstances in relation to Xstrata's takeover offer for all the shares in WMC Resources Ltd (WMC), and the application by WMC dated 14 January 2005 (the WMC Application) in relation to Xstrata's takeover offer. The Panel's previous media releases TP05/04, TP05/07, TP05/09 and TP05/10 provide further details regarding these applications.

The Takeovers Panel (Panel) advises that it has made a decision in relation to the application dated 13 January 2005 from Lenvat Pty Limited (Lenvat), a major shareholder1 of Lachlan Farming Limited (LFL), in relation to the 1 for 1.19 rights issue (Rights Issue) recently conducted by LFL, the terms of which were set out in a prospectus dated 17 September 2004 (Rights Issue Prospectus).

The Panel announces that it has made a declaration of unacceptable circumstances in response to an application from Network Limited (Network) under section 657C of the Corporations Act in relation to the affairs of Rivkin Financial Services Limited (RFS). The Panel has accepted undertakings from RFS which address its concerns. The application relates to a 1 for 3 pro-rata renounceable rights issue proposed by RFS, to be fully underwritten by Westchester Financial Services Pty Limited (Westchester) and fully sub-underwritten by Central Exchange Limited (CXL).

The Takeovers Panel (Panel) advises that it has decided to commence proceedings in relation to an application dated 14 January 2005 it received from WMC Resources Ltd (WMC) in relation to the takeover offer by Xstrata Capital Holdings Pty Ltd (Xstrata Capital) for all the shares in WMC.

The Takeovers Panel (Panel) received an application dated 13 January 2005 from Lenvat Pty Limited (Lenvat), a major shareholder of Lachlan Farming Limited (LFL), in relation to the 1 for 1.19 rights issue recently conducted by LFL, the terms of which were set out in a prospectus dated 17 September 2004.

The Takeovers Panel (Panel) advises that it has received an application dated 14 January 2005 from WMC Resources Ltd (WMC) in relation to the takeover offer by Xstrata Capital Holdings Pty Ltd (Xstrata Capital) for all the shares in WMC. The terms of Xstrata Capital's offer are set out in the replacement bidder's statement dated 16 December 2004. WMC issued a target's statement dated 4 January 2005 in relation to Xstrata Capital's offer, which incorporated an independent expert's report.