Austral Coal Limited 03 - Panel Declines to Commence Proceedings

The Takeovers Panel advises that is has declined to commence proceedings in relation to an application dated 4 July 2005 from Glencore International AG, which was lodged outside the statutory 2 month time limit, in relation to the affairs of Austral Coal Ltd (Austral Coal) which is currently the subject of a takeover offer by Centennial Coal Company Limited (Centennial).