The Takeovers Panel (the Panel) has today published its reasons for its decision in relation to an application from Volante Group Limited in relation to the proposed takeover offer by Commander Corporation Pty Limited (Commander), a subsidiary of Commander Communications Limited, announced on 23 December 2005.

The Takeovers Panel (Panel) has today released Guidance Note 17 on Rights Issues which provides guidance on the circumstances in which the Panel may consider unacceptable circumstances exist in relation to a rights issue which has the potential to have an effect on control of a company.

The Takeovers Panel (Panel) advises that it has considered the application by Pivot Group Pty Ltd (Pivot), and the application by Saramac Nominees Pty Ltd (Saramac) in relation to the affairs of Axiom Properties Limited (Axiom) (see TP05/89 and TP06/01).

The Takeovers Panel advises that yesterday it declined to commence proceedings in response to an application from Volante Group Limited in relation to the proposed takeover offer by Commander Corporation Pty Limited a subsidiary of Commander Communications Limited, announced on 23 December 2005 ("Offer").

The Takeovers Panel advises that it has received an application from Volante Group Limited ("Volante") in relation to the proposed takeover offer by Commander Corporation Pty Limited ("Commander"), a subsidiary of Commander Communications Limited, announced on 23 December 2005 ("Offer").

The Takeovers Panel advises that it has received an application from Saramac Nominees Pty Ltd, in relation to the affairs of Axiom Properties Limited.

The Takeovers Panel advises that it has received an application dated 31 December 2004 from Network Ltd, a significant shareholder of Rivkin Financial Services Limited, in relation to the affairs of RFS.

The Takeovers Panel advises that it has received an application from Pivot Group Pty Ltd (Pivot), in relation to a draft Notice of Meeting and Explanatory Memorandum prepared by Axiom Properties Limited (Axiom) for a meeting proposed to be held in February 2006.

The Takeovers Panel advises that it has decided not to continue proceedings in relation to two review applications lodged with the Panel by Lion Nathan Limited and Lion Nathan Australia Pty Limited (together Lion Nathan) on 2 December 2005, see TP05/86.