Anaconda Nickel Limited 19 - Review Panel Affirms Anaconda 15 Decision in relation to Anaconda Nickel Limited And, In Addition, Requires Disposal of On-Market Acquisitions by Sherritt

The Panel advises that the Panel reviewing the decision in the Anaconda 15 proceedings (Anaconda 19 proceedings) has today affirmed the majority of the decision made by the Anaconda 15 Panel to decline the application received from MatlinPatterson Global Opportunities Partners LP (MP Global) on 20 February 2003 in relation to the affairs of Anaconda Nickel Limited (Anaconda). The Anaconda 19 application to the Panel was made on 11 April 2003.

AMP Shopping Centre Trust 01 - Decision Deferred in Relation to AMP Shopping Centre Trust

The Takeovers Panel today advises that it has deferred making a decision in relation to the application it received from CPT Manager Limited (as responsible entity for Centro Property Trust) (Centro) on Thursday 10 April 2003. The application is for a declaration under section 657A of the Corporations Act (Act) of unacceptable circumstances and orders in relation to the affairs of AMP Shopping Centre Trust (ART). Centro is currently offering to acquire all of the units in ART in a takeover bid it announced on 18 March 2003.

Sirtex Medical Limited - Application in Relation to Sirtex Medical Limited

On Thursday 17 April 2003, the Takeovers Panel received an application from Hunter Hall Investment Management Limited (Hunter Hall) (in its capacity as responsible entity for the Australian Value Trust, the Value Growth Trust and the International Ethical Fund). Hunter Hall seeks a declaration of unacceptable circumstances and orders in relation to the affairs of Sirtex Medical Limited (Sirtex).

Phosphate Resources Limited

These are our reasons for declining to make a declaration of unacceptable circumstances in response to the application (Application) by Mr Gerry Pauley and Dr Gordon Elkington (Shareholders) in relation to a buy-back of 25% of the shares, and a proposed one-for-three rights issue, by Phosphate Resources Limited (PRL) (an unlisted public company). The Panel considered that undertakings offered in relation to obtaining shareholder approval for a rights issue, or underwriting by Asset Backed Holdings Limited (ABK), in the next 12 months sufficiently addressed its concerns in relation to the buy back and the proposed rights issue.

Panel Publishes Guidance Note on Broker Handling Fees for Comment

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.
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