Panel Publishes Reasons for Decision in Ranger Minerals Limited

The Takeovers Panel advises that it has published the reasons for its decision in relation to the Ranger Minerals Limited (Ranger) proceedings.

The application for a declaration of unacceptable circumstances and orders was made by Ranger on 20 June 2002. It was in relation to statements made by Revesco Group Limited (Revesco) in a letter from the Chairman of Revesco (Letter) which accompanied a supplementary bidder's statement dispatched by Revesco to Ranger shareholders on 17 June 2002.

Panel Decision in Third Application in Relation to Colonial First State Property Funds

The Panel advises that it has reached a decision on interim orders in the third application in relation to the four Colonial First State Property funds which the Panel announced yesterday. The application from the Responsible Entity for the Colonial Funds sought interim orders to restrain Mirvac Funds Ltd processing acceptances under its bid for the Colonial Funds or exercising any voting power in the Colonial Funds in reliance on those acceptances.

The Panel advises that its decision on interim orders is as follows:

Panel Receives Third Application in Relation to Colonial First State Property Funds

The Panel advises that it has received a third application in relation to the four Colonial First State Property funds. The application is from the Responsible Entity for the Colonial Funds and is in relation to Mirvac Funds Limited's takeover bid for the Colonial Funds. The application seeks a declaration of unacceptable circumstances, and interim orders to restrain Mirvac processing acceptances or exercising any voting power in the Colonial Funds in reliance on those acceptances and similar final orders until Mirvac amends its constitution to resolve the issue.

Panel Declines Further Application in Relation to Colonial First State Property Funds

The Panel advises that it has declined a further application in relation to the four Colonial First State Property funds. The application was from the Responsible Entity for the Colonial Funds. The application sought urgent interim orders to restrain dispatch of the bidder's statement in Mirvac Funds Limited's takeover bid for the Colonial Funds.

Isis Communications Ltd

These are our reasons for declining to make a declaration of unacceptable circumstances in response to the application by directors of Radly on 27 June 2002 concerning the affairs of Isis, resulting from a contract for the sale, by Radly (acting through its receivers), of 19.9% of Isis to MGB and Investec. The Panel considered that despite its concerns over a possible technical breach of section 606 of the Corporations Act, there did not appear to be a basis for a declaration of unacceptable circumstances.

Panel Publishes Reasons In Isis Communications Application

The Panel advises that it has today published its reasons for its decision in response to an application in relation to Isis Communications Ltd. on 27 June 2002. The Panel published its decision on 9 July 2002.

The application related to an agreement on 14 June 2002, by Radly Corporation Pty. Ltd. (Receivers and Managers Appointed), acting through its receivers, to sell 19.9% of the shares in Isis, in equal shares to Investec Australia Ltd and MGB Equity Growth Pty. Ltd. Radly held 43% of the shares in Isis at the time.

AurionGold Ltd

These are our reasons for declining to commence proceedings in relation to the application by AurionGold on 5 August 2002. The decision follows undertakings to the Panel by Placer Dome reducing the broker inducement fee offered in its bid for AurionGold from 1.5% with a maximum payment of $4500 to 0.75% with a maximum payment of $750. The application in this matter was brought by AurionGold.

Panel Publishes Reasons In AurionGold Application

The Panel advises that it has today published its reasons for its decision in response to an application by AurionGold Limited on Monday 5 August 2002. On Tuesday 6 August, the Panel declined to commence proceedings, having accepted an undertaking offered by Placer Dome Asia Pacific Limited (Placer Dome) in relation to the broker inducement fee which Placer Dome announced on 29 July 2002 (Australian time) under its takeover offers for AurionGold Limited.

Panel Decision in Relation to Colonial First State Property Trust Group

The Panel advises that it has today accepted undertakings in relation to the proposal (Merger Proposal) for the merger of Colonial First State Property Trust Group (Colonial Funds) with the Commonwealth Property Office Fund (Commonwealth Fund) and the Gandel Retail Trust (Gandel Fund). On the basis of the undertakings the Panel has decided not to make a declaration of unacceptable circumstances in response to applications by Mirvac Funds Ltd.

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