WMC Resources Ltd - Panel Commences Proceedings

Following the Panel's media release TP04/05 of 12 January 2005 regarding the application from Xstrata Capital Holdings Pty Ltd in relation to its takeover offer for all the shares in WMC Resources Ltd, the Panel advises that it has decided to conduct proceedings with respect to Xstrata Capital's application. The Panel will announce details of its decision once these proceedings are determined.

Rivkin Financial Services Ltd 02 - Panel Makes Further Interim Orders

The Takeovers Panel (Panel) has today made further interim orders in relation to the application from Network Ltd concerning Rivkin Financial Services Ltd (RFS) dated 31 December 2004. The application was the subject of Panel media release TP04/119 and the Panel's previous interim orders were the subject of media release TP05/02. The Panel proceedings in relation to the application are continuing.

WMC Resources Ltd - Panel Receives Application

The Takeovers Panel (Panel) advises that it has received an application dated 12 January 2005 from Xstrata Capital Holdings Pty Ltd (Xstrata Capital) in relation to its takeover offer for all the shares in WMC Resources Ltd (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.

Emperor Mines Limited 01

These are the Panel’s reasons for making a declaration of unacceptable circumstances and orders concerning the affairs of Emperor Mines Ltd. The declaration and orders related to a rights issue proposed by Emperor and supported by its major shareholder, Durban Roodeport Deep Ltd. The rights issue was pitched at a ratio of four rights for every ten shares held. It was non-renounceable and priced at $0.45, which was a discount of 33% to the market price of Emperor shares immediately before the announcement of the Rights Issue. The Panel’s orders were directed at reducing the likelihood of DRD consolidating control of Emperor at a deep discount and where other shareholders did not have a reasonable and equal opportunity to share in the benefits which would flow to DRD.
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