The Takeovers Panel has today released for public comment a draft Guidance Note on broker handling fees. The Guidance Note aims to assist bidders and the market to determine what is likely to be unacceptable in terms of the handling fees paid to brokers who obtain acceptances under a takeover bid. The Panel notes that the practice of offering broker handling fees has become increasingly widespread recently.

The Panel advises that it has declined an application in relation to the affairs of Austar United Communications Limited (Austar). The application was made on 28 February 2003 by a shareholder in Austar, Pondale Properties Pty Limited (Pondale).

On Friday 07 March 2003, the Sitting Panel in the Anaconda 16-17 proceedings advised parties that it had decided to make a declaration of unacceptable circumstances in relation to the affairs of ANL. It also provided draft orders requiring dispersal of the Excess Shares in Anaconda subscribed for by MP Global (under the Corporations Act the Panel must provide draft orders to affected persons for comment prior to making the order).

The Panel welcomed the announcement by the Parliamentary Secretary to the Treasurer, Senator Ian Campbell, of the reappointment of members to the Takeovers Panel.

The Panel advises that on 28 February 2003 it received an application in relation to the affairs of Austar United Communications Limited (Austar). The application is from a shareholder in Austar, Pondale Properties Pty Limited (Pondale).

The Takeovers Panel announces that it has published its reasons for declining to commence proceedings in an application concerning Burns Philp's takeover bid as it relates to the affairs of Goodman Fielder Ltd. The application was made by Goodman Fielder on 19 February 2003. The Panel announced its decision on 20 February 2003.

The Panel advises that on Friday 21 February it made interim orders in relation to the Anaconda 16 application.

The Panel advises that it has received two further applications in relation to the affairs of Anaconda Nickel Limited (Anaconda).

The Panel advises that on 20 February it received a further application from MatlinPatterson Global Opportunities Partners LP (MP Global) in relation to the affairs of Anaconda Nickel Limited (ANL).