The Panel advises that it has received an application from Ranger Minerals Limited for a declaration of unacceptable circumstances in relation to a letter and supplementary bidder's statement dispatched by Revesco Group Limited to Ranger shareholders on 17 June 2002.

Since April 2002, Ranger has been the subject of a takeover bid by Revesco. Subsequent to the announcement of the Revesco offer, Ranger entered into an agreement to merge with Perilya Limited by way of scheme of arrangement.

The Panel advises that it has published its reasons for decision in relation to the Normandy 06 matter.

The application was made by AngloGold Ltd for review of the Normandy 04 Panel's decision. In its application AngloGold was seeking a declaration that the Plan of Arrangement between Newmont Mining and Franco-Nevada would have given Franco-Nevada and its shareholders benefits, which were not offered to all other Normandy shareholders.

The Panel advises that it has received an application from E.P.H.S. Limited (EPHS) for a declaration of unacceptable circumstances in relation to a takeover bid for EPHS by Cabcover Limited (Cabcover) for $2.25 per A class share and $2.00 per B class share.

EPHS alleges deficiencies in the disclosure in the bidder's statements lodged with ASIC on 29 May 2002 in respect of each of the classes of shares in EPHS.

The Panel is currently assembling a sitting Panel for the application.

The Panel advises that it has today received an application from the Australian Securities and Investments Commission (ASIC) for a declaration of unacceptable circumstances in relation to the affairs of Ausdoc Group Limited (Ausdoc).

The application relates to a break fee and other lock-up provisions that Ausdoc announced on 22 May 2002, it had entered into with an unnamed potential bidder for Ausdoc.

ASIC's concerns relate to:

The Panel advises that it has today released for public comment a draft Guidance Note on Conflicts of Interest as they relate to Panel members sitting on individual matters.

The Panel advises that it has published its reasons for declining an application from Focus Technologies Ltd under section 657C of the Corporations Act requesting a declaration of unacceptable circumstances in relation to a parcel of 10 million options to subscribe for shares in Focus.

The Panel decided, on the facts and circumstances of this particular case, there was no urgent basis for intervention by the Panel. The relevant facts are that:

The Panel advises that it has today released for public comment a draft Guidance Note on Frustrating Action.

The Guidance Note follows from decisions by the Panel in the Pinnacle 5 and Pinnacle 8 matters (the decisions are published on the Panel's website). In both those matters the Panel advised that it would publish guidance as to what actions that directors of a target company might take during a bid may be unacceptable.