The Takeovers Panel advises that it has today released a Guidance Note on conflicts of interest as they relate to Panel members sitting on individual matters. The final version follows public consultation on a draft that the Panel released in June 2002.

The final Guidance Note is based on the Panel's underlying policy that:

The Panel advises that it has today received an application from Mirvac Funds Limited. The application seeks a declaration of unacceptable circumstances and interim and final orders in relation to the proposal by Commonwealth Property Office Fund and Gandel Retail Trust, and their respective responsible entities, for a merger with the four Colonial First State Property funds.

The concerns raised by Mirvac relate to:

The Panel advises that the proceedings on the review Panel's decision in relation to the application made by Reliable Power Inc on 23 May 2001 for a review of the Pinnacle 5 Panel's decision (Pinnacle 8) now appear to be finalised. The review Panel announced its initial decision on 18 June 2001 (MR No. 56/2001).

Prior to the Extraordinary General Meeting of Pinnacle held on Monday 20 August, the Vanteck Transaction (see below) was withdrawn, and at the EGM the Pinnacle shareholders rejected the Int-A-Grid Transaction (see below).

The Corporations and Securities Panel announced today that it has entered into a Memorandum of Understanding with the Australian Securities and Investments Commission (ASIC). The MOU is intended to continue the positive and cooperative working relationship that the Panel already has with ASIC, and to ensure that the market sees a smooth and seamless relationship between the two regulators.

The Panel has today published its reasons for deciding to hold over its proceedings in relation to the application made by Liquorland on 12 July 2001, in relation to Liquorland's bid for Australian Liquor Group (ALQ). Liquorland's bid for ALQ closed on 29 June 2001, and the first payments of the bid consideration were due to be made to ALQ shareholders on 18 July 2001.

The Takeovers Panel advises that it has released a Guidance Note on the Panel's powers to make costs orders in Panel proceedings. The final version follows public consultation on a draft that the Panel released in January 2002.

The Director of the Panel, Nigel Morris, said that the Panel was pleased to have received support from the market for the underlying policy of the draft. The final Guidance Note takes into account six submissions on the draft, which were received from Australian law firms and from the ASIC. The text has been revised in some areas in response to feedback.

The Takeovers Panel advises that it has published the reasons for its decision in relation to the Ausdoc Group Limited proceedings.

The application for a declaration of unacceptable circumstances and orders was made by the Australian Securities & Investments Commission on 14 June 2002. It was in relation to certain lock-up arrangements specified in a deed entered into between Ausdoc and ABN Amro Capital (Belgium) N. V. on 22 May 2002, including various exclusivity, break fee and cost contribution arrangements.

The Takeovers Panel advises that it has published the reasons for its decision in relation to the EPHS Limited proceedings.

EPHS Limited made the application in relation to bidder's statements for bids for two classes of shares in EPHS by Cabcover Limited through its representative Akram El-Fahkri. In its application, EPHS was seeking a declaration that certain statements and omissions in the bidder's statements gave rise to unacceptable circumstances, and for orders to prevent their dispatch without further amendment.

The Panel has today decided to hold over sine die its proceedings in relation to the application made on 12 July, 2001 by Liquorland over its bid for Australian Liquor Group (ALQ).