New Takeovers Panel Completes Successful First Year [12/03/2001] The Takeovers Panel

Monday, 12 March 2001

New Takeovers Panel Completes Successful First Year

The President of the Takeovers Panel, Mr Simon McKeon, said today that he was delighted with the operation of the rejuvenated Takeovers Panel in its first year.

Mr McKeon said that "We are extremely pleased with the results that the Panel has achieved since being re-launched 12 months ago on 13 March 2000. In particular, we have been encouraged by the positive feedback that the Panel has received from takeovers practitioners and market participants, and the support it has received from the Minister for Financial Services and Regulation, The Hon. Joe Hockey and the Government generally."

Mr McKeon also said "We have also benefited from a very good working relationship with the Australian Securities and Investments Commission."

Mr McKeon said that the Panel owed much of its success to its Panel members who are all part time but have made the necessary commitment, often at short notice, when required. He also singled out the Panel's small executive team headed by Nigel Morris, Director and George Durbridge, Legal Counsel. "The executive team has worked tirelessly and enabled the Panel to develop quickly into an effective dispute resolution body from what was, in effect, a standing start".

He said that he was also delighted with the announcement by the Minister of 18 new Panel members. He said that the new members, many of whom were active in the Melbourne and Sydney takeovers communities, meant that the Panel now had critical mass and was well placed to deal with the most difficult of disputes.

The Panel has reviewed 27 matters in its first twelve months and currently has three active matters. Its applications have arisen out of some of the most significant takeovers in the year, including the Smorgon bid for Email, the Rio Tinto bid for Ashton and the BHP joint venture bid for QCT.

Mr McKeon said that the Panel had learned much in its first year and would continue to seek constructive feedback from the takeovers community.

The next year will be one of consolidation for the Panel, both in integrating its new members into the existing complement and working further on improving its procedures. Furthermore, the Panel will begin to provide guidance to the market on a range of difficult issues in takeovers. The Panel is currently working on developing guidelines on the use of forecasts in takeovers, and the use of "break fees" and other lock-up devices.

Mr McKeon concluded "As we look forward to our second year, we remain committed to the Panel concept and the inherent strength of an expeditious and well structured peer review model. It's worked well thus far - we're intending to make it even better."

Nigel Morris
Director
Ph: +61 3 9655 3501 0401 14 84 26
nigel.morris@takeovers.gov.au

Simon McKeon
President
Ph: +61 3 9635 8100 0417 249 102

Corporations and Securities Panel
Level 47 Nauru House,
80 Collins Street, Melbourne
VIC 3000

Current Corporations and Securities Panel Members

Name

Position/Occupation

State

Ms Robyn AHERN

Company Director

WA

Ms Elizabeth ALEXANDER AM^

Partner, PricewaterhouseCoopers

VIC

Ms Ilana ATLAS*

General Counsel & Group Secretary, Westpac Banking Corporation

NSW

Justice Robert AUSTIN*

Judge, Supreme Court of NSW

NSW

Dr Annabelle BENNETT SC

Barrister

NSW

Mr Anthony BURGESS*

Head of Corporate Finance Australasia, Deutsche Bank

VIC

Mr Michael BURGESS

Adjunct Professor

School of Business and Enterprise

University of South Australia

SA

Ms Carol BUYS*

Managing Principal, AMP Consulting

NSW

Mr Denis BYRNE^

Director, Denis Byrne & Associates P/L

QLD

Mr Peter CAMERON

Partner, Allen, Allen & Hemsley

NSW

Ms Luise ELSING*

Manager (Listings), Australian Stock Exchange

NSW

Ms Kathleen FARRELL*

Consultant, Freehills

NSW

Mr David GONSKI*

Chairman, Morgan Stanley Dean Witter

NSW

Ms Teresa HANDICOTT*

Partner, Corrs Chambers Westgarth

QLD

Mr Brett HEADING^

Partner, McCullough Robertson

QLD

Ms Meredith HELLICAR

CEO, Corrs Chambers Westgarth

NSW

Mr Braddon JOLLEY*

Partner, Freehills

NSW

Dr Tro KORTIAN*

Lecturer, Finance Discipline,
University of Sydney

NSW

Ms Alison LANSLEY*

Partner, Mallesons Stephen Jaques

VIC

Ms Irene LEE*

Company Director

NSW

Ms Maria MANNING

Company Secretary, Queensland Cotton

QLD

Ms Louise McBRIDE

Partner, Deloitte Touche Tohmatsu

NSW

Mr Kevin McCANN*

Partner, Allen, Allen & Hemsley

NSW

Ms Alice McCLEARY

Consultant, Company Director

SA

Ms Marie McDONALD*

Partner, Blake Dawson Waldron

VIC

Mr Simon McKEON
(President)

Executive Director, Macquarie bank

VIC

Ms Marian MICALIZZI

Company Director

QLD

Mr Simon MORDANT

Managing Director, Caliburn Partnership P/L

NSW

Ms Robyn PAK-POY*

Partner, Minter Ellison

SA

Mr Chris PHOTAKIS*

Director, KPMG Corporate Finance (Aust)

NSW

Professor Ian RAMSAY

Professor of Law, University of Melbourne

VIC

Mr Scott REID*

Managing Director, JP Morgan Chase

NSW

Ms Maxine RICH

Company Director

NSW

Ms Fiona ROCHE

Managing Director, Estates Development Co

WA

Mr Trevor ROWE

Chairman, Investment Banking, Salomon Smith Barney (Australia)

NSW

Justice Kim SANTOW OAM*

Judge, Supreme Court of NSW

NSW

Ms Jennifer SEABROOK

Director, Gresham Partners

WA

Mr Jeremy SCHULTZ

Managing Partner, Finlaysons

SA

Mr Leslie TAYLOR

General Counsel,
Commonwealth Bank of Australia

NSW

Mr Michael TILLEY

Chairman,
Merrill Lynch Australasia

VIC

Ms Nerolie WITHNALL

Partner, Minter Ellison

QLD

Ms Karen WOOD

General Counsel and Company Secretary, Bonlac Foods Limited

VIC

Mr Peter YOUNG

Executive Vice-Chairman, ABN-AMRO

NSW

* Indicates new appointment
^ Indicates reappointment