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).

These are the Panel's reasons for declining the application by MP Global for a review of the decision by the Anaconda 16 - 17 Panel to make a declaration of unacceptable circumstances in relation to the affairs of Anaconda 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% of the New Shares. The Panel made orders requiring the Excess Shares to be sold by a stockbroker nominated by ASIC.

These are the Panel's reasons for its decision as a Review Panel following MP Global's application for review of the Anaconda 15 decision.

These are the Panel's Reasons for declining the application by Glencore for a review of the decision by the Anaconda 08 Panel to decline to make a declaration of unacceptable circumstances in relation to the affairs of Anaconda.