These are the Panel's Reasons for declining to make a declaration of unacceptable circumstances in relation to four applications received on 28 - 30 January 2003. They include the Panel's reasons for revoking the relief granted by ASIC to allow MP Global to exercise all of the Rights it acquired under its Rights Offer.

The Panel was not required to make a decision or provide reasons in relation to the Anaconda 11 application for an interim order concerning MP Global's ability to free the Rights Offer of conditions if, at 8.30 p.m. on Thursday 13 February MP Global had not given notice to Anaconda and ASX of freeing the Rights Offer and Share Offer of conditions. It consented to the application being withdrawn following agreement being reached between Anaconda and MP Global as to the process by which MP Global must declare its offers free of any conditions.

These are the Panel's Reasons for declining an application by MP Global under section 656A of the Corporations Act to vary a decision by ASIC to refuse to grant relief to MP Global to allow it to exercise all the Anaconda Rights it acquired under its Rights Offer, regardless of the number of Old Shares acquired under MP Global's Share Offer.

These are our reasons for deciding to make a declaration of unacceptable circumstances in relation to the affairs of Anaconda Nickel Limited following the acquisition of 41.5% of the New Shares in Anaconda by MP Global in circumstances where it was only entitled to acquire 35%. The Panel proposed orders requiring the Excess Shares to be sold by a stockbroker nominated by ASIC, but postponed making the orders pending the outcome of an application made by MP Global for a review of this decision.

These are the Panel's Reasons for declining the application by MP Global for a declaration of unacceptable circumstances in relation to the affairs of Anaconda.

These are our reasons for declining to make a declaration of unacceptable circumstances in response to an application by Hunter Hall Investment Management Limited (Hunter Hall) in its capacity as responsible entity for the Australian Value Trust, the Value Growth Trust and the International Ethical Fund under section 657C of the Corporations Act 2001 (Cth) (Act) dated 17 April 2003 (Application). Hunter Hall had applied to the Takeovers Panel (Panel) for a declaration of unacceptable circumstances and interim and final orders in connection with a takeover bid by Cephalon Australia Pty Limited (Cephalon) for all the shares in Sirtex Medical Limited (Sirtex).