Panel application in relation to Brickworks Ltd [04/08/2000] The Takeovers Panel

Friday, 04 August 2000

PANEL application in relation to Brickworks Ltd

The Takeovers Panel advises that it has today received an application by GPG (No 4) Ltd for a declaration of unacceptable circumstances in relation to the affairs of Brickworks Ltd and in relation to the affairs of Washington H Soul Pattinson & Company Ltd (Soul Pattinson).

GPG has also applied for an order under section 657D of the Corporations Law directing Soul Pattinson to disclose to the shareholders of Brickworks, Soul Pattinson and to the Australian Stock Exchange (together "the market") a copy of a report by KPMG Corporate Finance (Aust) P/L, which the three independent directors of Soul Pattinson commissioned to assist them in making a decision in relation to the offer by GPG for all of the ordinary shares in Brickworks.

Those three independent directors of Soul Pattinson disclosed to ASX that they had made their decision not to accept the GPG bid with the assistance of the KPMG report.

The President of the Panel Mr. Simon McKeon is currently assembling the Panel members to sit on this application.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House 80 Collins Street
(03) 9655 3501
nigel.morris@takeovers.gov.au