These are our reasons for upholding an application for review of a decision by ASIC to refuse relief in relation to a bid by FEXCO Investments Australia Pty Ltd for all of the shares in Prudential Investment Company of Australia Ltd (PICA).

On 12 February 2003, the Panel issued the following Media Release concerning an application in relation to the affairs of Forest Place Group Limited. The Panel will not be publishing additional reasons in relation to this matter.