Panel Reasons in Relation to Ashton Mining [11/10/2000] The Takeovers Panel

Wednesday, 11 October 2000

Panel Reasons in Relation to Ashton Mining

The Takeovers Panel today published its reasons for not making a declaration of unacceptable circumstances in relation to the affairs of Ashton Mining Limited in response to an application made by De Beers Australia Holdings Pty Ltd on Friday, 29 September. The Panel announced its decision on 03 October, 2000.

The Panel's decision followed an undertaking by Rio Tinto to issue a supplementary bidder's statement making one change to its current bidder's statement.

The change was the deletion of a reference in the bidder's statement to the Western Australian Department of Resources Development agreeing with Rio Tinto's view on an aspect of the process for gaining approval of modified marketing arrangements for Argyle diamonds. Rio Tinto had not stated in its bidder's statement that it made the reference with the consent of the Department of Resources Development.

The Panel did not agree with any other concerns raised by De Beers in relation to Rio Tinto's bidder's statement.

The Panel members for this application were Mr Brett Heading (sitting President), Mr Denis Byrne and Ms Karen Wood.

The reasons will be published on the Panel's website shortly. In the interim, they are available from the Panel's Executive.

Nigel Morris
Director
Corporations and Securities Panel
Level 47 Nauru House,
80 Collins Street
Melbourne
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au