The Panel advises that it has today released for public comment a draft Guidance Note on the Panel's procedures for consulting the public and interested parties on the Panel's rules and advice to the market.

The Panel may make rules under section 658C of the Corporations Act (Act) concerning the operation and function of the takeovers provisions of the Act. It can also make rules under section 195 of the ASIC Act, for how it will conduct proceedings before it. So far the Panel has published its procedural rules, but has made no rules under section 658C.

The Panel advises that is currently considering submissions received in relation to an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators have applied to the Panel under section 656A of the Act for a review of ASIC's decision.

The Panel advises that yesterday it received an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more deeds of company arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators now apply to the Panel under section 656A for a review of ASIC's decision.

The Panel today published its reasons for the decision in the Normandy No.2 proceedings. The application was made by AngloGold in relation to Newmont Mining Corporation's bid for Normandy Mining Limited.

The Panel today published a Guidance Note outlining the process taken by a sitting Panel and the Panel executive when considering an application. The Guidance Note was prepared in response to feedback received from takeovers market participants and their advisers.

The Guidance Note summarises the steps a sitting Panel usually takes when considering an application and conducting proceedings and outlines the role of the Panel Executive.

The Panel advises that it has accepted undertakings from Magic Millions in relation to Magic Millions' application under section 657EA of the Corporations Act requesting a review of the decisions in the Brisbane Broncos Nos 1 and 2 proceedings. This follows protracted consultation with the parties in the contested takeover, and a further application to the Panel.

Magic Millions has undertaken to make offers to Broncos shareholders for all of their shares at a bid price of 18 cents.

The Panel advises that it has today published the reasons for its decision in the matter of Normandy No. 5. The application had been made by Newmont Mining Corporation concerning the modified handling fees that AngloGold Limited announced on 3 December 2001. The modified handling fees were to be payable to brokers whose clients accepted AngloGold's offer for Normandy Mining Limited on or before 11 December 2001.