The Takeovers Panel has today published the reasons for the decision of the Initial Panel in the proceedings (the Proceedings) relating to National Can Industries Limited (NCI).

The Panel has considered the application (Application) by Mr Chak Chew Tan (CC Tan) dated 30 October 2003 alleging that unacceptable circumstances exist in relation to the affairs of Richfield Group Limited (Richfield). It has decided not to conduct proceedings in relation to the Application.

The Panel advises that the National Can Industries 01(R) Review Panel (Review Panel) has confirmed the decision of the National Can Industries 01 Panel (Initial Panel) in relation to the affairs of National Can Industries Limited (NCI).

The Panel has today published the reasons for its decision in relation to an application (Application) by the Grand Hotel Group (GHG) dated 30 September 2003 in relation to its own affairs.

In Takeovers Panel Media Release 106 (the Media Release) dated 27 October 2003, the Panel announced that it had made a declaration of unacceptable circumstances (the Declaration) in the BreakFree 04 proceedings in relation to an announcement (the Announcement) by S8 Limited (S8) on 8 October that it would not proceed to make offers under its scrip takeover bid (the Scrip Proposal) for BreakFree Limited (BreakFree) which was announced on 11 July 2003. The resolution of the question of what orders should be made in BreakFree 04 was left to be determined in light of the resolution of the BreakFree 03 proceedings.

The Panel advises that it has received an application from Mr Chak Chew Tan (Mr CC Tan) and unspecified associated shareholders in Richfield Group Limited (Richfield) for a declaration of unacceptable circumstances under section 657A of the Corporations Act (Act) in relation to the affairs of Richfield.

The BreakFree 04(R) Panel (the Review Panel) advises that it has met and decided to conduct proceedings in relation to the application by S8 Limited (S8) for a review of the decision in the BreakFree 04 first instance proceedings to make a declaration of unacceptable circumstances in relation to the affairs of BreakFree Limited (BreakFree).