The Takeovers Panel has today released an Issues Paper seeking public comment on the circumstances in which the Panel may consider whether or not unacceptable circumstances exist in relation to collateral benefits in takeovers transactions. The purpose of the Issues Paper is to facilitate discussion among, and obtain feedback from, market participants and investors who may be affected by any guidance which the Panel publishes on collateral benefits, or otherwise have an interest in such guidance.

The Takeovers Panel has today released a draft Guidance Note seeking public comment on the circumstances in which the Panel may consider whether or not unacceptable circumstances exist in relation to a rights issue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 company1. The purpose of the draft Guidance Note is to facilitate discussion among, and obtain feedback from, market participants and investors who may be affected by any guidance which the Panel publishes on rights issues, or otherwise have an interest in such guidance.

The Takeovers Panel today made a declaration of unacceptable circumstances in relation to the affairs of Austral Coal Limited, in the Austral Coal 02RR proceedings which were remitted to the Panel by the Federal Court on 14 September 2005.

The Federal Court in Melbourne yesterday granted an extension, from 14 October to 28 October 2005, of the period in which the Panel may make a declaration of unacceptable circumstances under section 657A of the Corporations Act 2001 in the review proceedings known as Austral Coal 02RR.

The Takeovers Panel today published two Guidance Notes for public comment.

The Takeovers Panel (the Panel) today published its reasons for decision in relation to an application by Coopers Brewery Limited (Coopers) received on 2 September 2005 in relation to an off-market takeover bid by Lion Nathan Australia Pty Limited (Lion Nathan Australia).

The Takeovers Panel (the Panel) has today published its reasons for decision in relation to an application from Lion Nathan Australia Pty Limited (Lion Nathan Australia) received on 9 September 2005 in relation to the affairs of Coopers Brewery Limited (Coopers).

The Takeovers Panel advises that it has today declined to commence proceedings in response to an application from Lion Nathan Limited and Lion Nathan Australia Pty Limited (a wholly owned subsidiary of Lion Nathan Limited) (together Lion Nathan) dated 9 September 2005 in relation to the proposed takeover offer for Coopers Brewery Limited (Coopers) by Lion Nathan announced on 1 September 2005 ("Lion Nathan Offer").