Panel Publishes Reasons for Decision in Relation to Magic Millions League Takeover Bid for Brisbane Broncos and BB Sports Bid Condition

The Panel advises that it has today published the reasons for its decision in relation to the application concerning the announcement by Magic Millions League that its proposed takeover offer for the Brisbane Broncos will not proceed (Brisbane Broncos No.1) and the cross-application concerning a condition of BB Sports takeover offer for the Brisbane Broncos (Brisbane Broncos No.2). The Panel's decision was made on 3 January 2002.

Further Application in Relation to Newmont Bid for Normandy

(Normandy 07)

The Panel advises that it has today received an application by Newmont in relation to the current bid by AngloGold for Normandy. The application relates to AngloGold's notice of extension of its bid for Normandy. The notice was sent to Normandy shareholders last Friday. The application is for interim and final orders and for a declaration of unacceptable circumstances under section 657A of the Corporations Act.

In the notice, AngloGold stated:

Normandy Mining Limited 04

These are our reasons for refusing an application by AngloGold Limited (AngloGold) for a declaration of unacceptable circumstances and orders in relation to the takeover bid announced on 14 November 2001 by Newmont Mining Corporation (Newmont) for the issued shares in Normandy Mining Limited ABN 86 009 295 765 (Normandy), resulting from the interaction between that bid and a Plan of Arrangement under Canadian law under which it is proposed that Newmont will acquire Franco-Nevada Mining Corporation Limited (Franco-Nevada).

Panel Decision in Relation to Magic Millions League Takeover Bid For Brisbane Broncos and BB Sports Bid Condition

The Panel advises that it has today reached a decision in relation to the application concerning the announcement by Magic Millions League Pty Ltd that its proposed takeover offer for the Brisbane Broncos Ltd will not proceed (Brisbane Broncos No.1) and the cross-application concerning a condition of BB Sports Pty Ltd takeover offer for the Brisbane Broncos Ltd (Brisbane Broncos No.2).

Application from BB Sports in Relation to Magic Millions League Takeover Bid for Brisbane Broncos

The Panel advises that it has received an application for a declaration of unacceptable circumstances and orders under sections 657A and 657D(2) of the Corporations Act from BB Sports Pty Ltd (a subsidiary of The News Corporation Ltd). The application relates to the announcement by Magic Millions League Pty Ltd on 17 December 2001 that its proposed takeover offer for the Brisbane Broncos Ltd will not proceed.

Normandy 06 - Panel Declines Application for Review of Normandy 04 Decision

The Panel advises that it has today declined to make a declaration of unacceptable circumstances or orders in relation to the application by AngloGold for review of the Normandy 04 Panel's decision. In its application, AngloGold submitted that Newmont had agreed to give more to Franco-Nevada for its 19.9% holding in Normandy than it proposes to offer to Normandy shareholders under its bid for Normandy, because the acquisition of the 19.9% parcel is tied to a proposed merger between Newmont and Franco-Nevada.

Panel Declines Anglogold Application on Franco Benefit Issue

The Takeovers Panel announced today that it has declined an application by AngloGold for a declaration of unacceptable circumstances in relation to Newmont Mining's proposed bid for Normandy Mining. The application (Normandy 04) related to the value offered indirectly to Franco-Nevada shareholders for their interests in Franco-Nevada's 19.9% holding in Normandy (under the proposed Canadian law Plan of Arrangement) compared to the value offered directly to Normandy shareholders for their Normandy shares under Newmont's bid for Normandy.

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