The Takeovers Panel has today released for public comment a draft Guidance Note on financing arrangements for takeover bids. The Guidance Note aims to assist bidders and the market to determine the funding arrangements that may give rise to unacceptable circumstances. The Guidance Note also provides some guidance on the obligation to disclose funding arrangements in bidder's statements.

The Panel announces that on 28 October it received an application from S8 Limited (S8) for review of the decision made by the sitting Panel in the BreakFree 04 proceedings.

The decision in BreakFree 04 was announced by Panel media release 106/2003 on 27 October 2003. A copy of that media release is available from the Panel's website.

S8's application requests that, for reasons set out in the application, the review Panel:

The President of the Panel has consented to review of the decision of the Panel on 16 October 2003 to accept the undertakings provided to the Panel by ESK Holdings Pty Ltd on 16 October 2003 and the undertaking of National Can Industries Limited (NCI) provided to the Panel on 15 October 2003, pursuant to an application by Visy Industrial Packaging Holdings Pty Ltd.

The Panel announces that on 24 October it made a declaration of unacceptable circumstances in the BreakFree 04 proceedings in relation to the announcement by S8 Limited (S8) on 8 October 2003 that it would not proceed to make offers under its announced scrip takeover bid (the Scrip Proposal) for BreakFree Limited (BreakFree). However, on the basis of the information currently before the Panel, it does not propose to make any orders.

The Panel has today published the reasons for its decision in the Selwyn Mines Limited (Receivers and Managers Appointed) (SLN) proceedings. The proceedings arose from an application made on 9 September 2003 (Application) by Hillgrove Gold Limited (HGO).

The Panel announces that it has decided to set aside a decision made by the Australian Securities & Investments Commission (ASIC) to refuse an application by Fexco Investments Australia Limited (FIA), Fexco Money Transfer Limited, FEXCO, Mr Geoff Bell and Mr Peter Jess (together the Applicants) in relation to FIA's takeover bid (the Joint Bid) for Prudential Investment Company of Australia Limited (PICA).

The Panel advises that yesterday it received an application for review of the Panel's decision in relation to the affairs of National Can Industries Limited (NCI).

The Panel advises that it has concluded the proceeding (the Proceeding) arising from the application (the Application) made by Visy Industrial Packaging Holdings Pty Ltd (VIPH) on 19 September 2003 in relation to the affairs of National Can Industries Limited (NCI). The Proceeding concluded following acceptance by the Panel of undertakings provided by NCI and ESK Holdings Pty Ltd (ESK).

The Panel advises that it has concluded the proceeding (the Proceeding) arising from the application (the Application) made by Visy Industrial Packaging Holdings Limited (VIPH) on 19 September 2003 in relation to the affairs of National Can Industries Limited (NCI).