National Foods Limited - Panel Accepts Undertakings and Declines to Make a Declaration of Unacceptable Circumstances

The Panel announces that it has accepted undertakings from Fonterra Foods Pty Limited, Sodima SAS and Yoplait SAS in relation to the application by San Miguel Foods Australia Holdings Pty Ltd (San Miguel) for a declaration of unacceptable circumstances on 7 March 2005. The application concerned a proposed joint venture (the JV) which Fonterra Foods, Yoplait and Sodima announced on 2 March 2005. The JV would be between National Foods Limited and Sodima and may be implemented if Fonterra Foods acquires 100% of the shares in National Foods. In light of the undertaking, the Panel has declined to make a declaration of unacceptable circumstances at this stage.

WMC Resources Limited

These are the Panel’s reasons for accepting an undertaking from WMC to dispatch a supplementary target’s statement to its shareholders explaining the relationship between Xstrata’s offer price and possible future distributions by WMC.

WMC Resources Limited - Panel Publishes Reasons

The Takeovers Panel (the Panel) has today published the reasons for its decision in relation to an application from Xstrata Capital Holdings Pty Limited received on 12 January 2005 alleging unacceptable circumstances in relation to its takeover offer for all the shares in WMC Resources Limited and an additional application from WMC Resources received on 14 January 2005 alleging unacceptable circumstances in relation to the affairs of Xstrata Capital Holdings Pty Limited.

iP3 Systems Limited - Panel Decision

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.