Austral Coal Limited 02R

These are the Panel’s reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to the failure by Glencore to disclose its combined direct holding and holdings of Hedge Shares under equity swaps it arranged in relation to Austral Coal on 22 March 2005, the day after this “Combined Holding” exceeded 5%, and Glencore’s failure to disclose 1% increases in the Combined Holding until Glencore’s announcements on 4 and 5 April 2005.

Austral Coal Limited 02 & 02(R) - Panel Publishes Reasons

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) and an additional application by ABN AMRO Bank N.V., Australian Branch (ABM AMRO), under section 657EA of the Corporations Act 2001 (Cth) (the Act) dated 30 June 2005 in relation to the affairs of Austral Coal Limited (Austral). Glencore and ABN AMRO applied to the Panel for a review of the decision of the sitting Panel (Initial Panel) in the Austral Coal Limited 02 proceedings (Austral 02) to make a declaration of unacceptable circumstances and final orders.

Austral Coal Limited 01

These are the Panel’s reasons for concluding proceedings without making a declaration of unacceptable circumstances or orders and without accepting any undertakings in regard to a scrip takeover offer by Centennial Coal Company Limited for Austral Coal Limited during the course of which Centennial announced its decision to close its Munmorah mine.
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