Queensland Cotton Holdings Limited - Panel Receives Application

The Takeovers Panel advises that it received an application last night from Louis Dreyfus Cotton International NV (Louis Dreyfus), a company incorporated in Belgium and a substantial holder of shares in Queensland Cotton Holdings Limited (Queensland Cotton), in relation to the affairs of Queensland Cotton (Application). Queensland Cotton is currently also the subject of a takeover bid by Olam International Limited (Olam), a company incorporated in Singapore, for all the shares in Queensland Cotton. Olam and Queensland Cotton announced the proposed bid on 7 March 2007. Olam lodged its bidder's statement on 30 March 2007 and Queensland Cotton lodged its target's statement on 3 April 2007.