The Takeovers Panel today announced that it has declined to make a declaration of unacceptable circumstances in relation to the application made by Victoria University of Technology on 15 February 20051 in relation to the rights offer undertaken by iP3 Systems Limited (iP3) on 29 January 2005 (Rights Offer). VUT had complained about a number of issues in iP3's Rights Offer. The Panel advised iP3 that it would need to provide a disclosure document that provided disclosure that was consistent with the level required under the prospectus provisions of Chapter 6D.

The Takeovers Panel (the Panel) has today published the reasons for its decision in relation to the application from Geoff Woodham Financial Services Pty Limited received on 13 January 2005 alleging unacceptable circumstances in relation to the affairs of LV Living Limited.

The Takeovers Panel (Panel) today advised that it has accepted an apology from Victoria University of Technology (VUT) over a media release which VUT published on Friday 11 March 2005 concerning proceedings in the Takeovers Panel in relation to IP3 Systems Limited (IP3) which were not complete and for which the Panel had not provided its decision.

The Takeovers Panel (Panel) today advised that it has written to Victoria University of Technology (VUT) asking that it show cause to the Panel why the Panel should not commence proceedings against VUT for apparently deliberately breaching binding undertakings that VUT gave to the Takeovers Panel under the Takeovers Panel's Rules for Proceedings.

The Panel welcomed the announcement by the Treasurer, the Hon Peter Costello MP, of the reappointment of nine members to the Takeovers Panel and the appointment of seven new members to the Panel.

The Takeovers Panel (Panel) advises that it has received an application dated 7 March 2005 from San Miguel Foods Australia Holdings Pty Ltd (San Miguel) in relation to the affairs of National Foods Limited (National Foods).

The Takeovers Panel (the Panel) has today published the reasons for its decision in relation to the application from Southcorp Limited (Southcorp) regarding the takeover offer by Beringer Blass Wines Pty Limited (Beringer) (a wholly owned subsidiary of Foster's Group Limited (Foster's)) for all the ordinary shares in Southcorp.