Panel Affirms ASIC Decision on Dispatch of AIF Bidder's Statement [03/05/2000] The Takeovers Panel

Wednesday, 3 May 2000

Panel Affirms ASIC Decision on Dispatch of AIF Bidder's Statement

Mr Brett Heading, the President of the first sitting Panel announced today that the Panel has determined its first application, which was lodged on 1 May, 2000. The Panel affirmed a decision by ASIC.

The Panel has received two applications which relate to the takeover bid by Australian Infrastructure Fund Limited and Hastings Funds Management Limited (together the bidders ) for Infratil Australia Limited (Infratil ).

The Panel has determined the first of those applications which was an application by the bidders under section 656A of the Corporations Law for the review of a decision made by ASIC not to shorten the time for dispatch of the bidder's statement. Following discussions between the bidders and the target, the bidders lodged a revised bidder's statement with ASIC triggering an extension, under ASIC Class Order 00/344 of the dispatch of the revised bidder's statement to the holders of shares in Infratil, to 10 May 2000. ASIC declined the bidders' application to shorten this period. The Panel affirmed this decision.

Mr Heading announced that the Panel will publish the reasons for its decision tomorrow (Thursday, 4 May).

The second application is an application by Infratil, the target, under section 657C of the Corporations Law for a declaration that unacceptable circumstances exist in relation to the proposed bid. The application concerns the content of the bidder's statement that has been served on Infratil. Mr Heading advised that the Panel has decided to convene a hearing on the second application, in Melbourne on Monday 8 May, to take oral submissions from the bidder and the target, in addition to the written submissions already received.

Nigel Morris
Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne Vic 3000
(03) 9655 3501