Panel Receives Application in Relation to Bigshop.com.au Ltd [14/09/2001] The Takeovers Panel

Friday 14 September 2001

PANEL RECEIVES APPLICATION IN RELATION TO BIGSHOP.COM.AU LTD

The Panel announced today that it has received an application by Fast Scout Limited (Fast Scout) in relation to its proposed bid for Bigshop.com.au Limited (Bigshop). Fast Scout has applied for a declaration of unacceptable circumstances in relation to a proposed placement of 10 million ordinary shares and 2 million options by Bigshop to Macquarie Bank Limited (Macquarie) and for an interim order restraining Bigshop from proceeding with the proposed placement until the matter is determined by the Panel.

Fast Scout is concerned that the placement would frustrate its proposed offer for Bigshop by breaching a pre-condition and a proposed defeating condition of the bid that Bigshop not issue any shares from the date of the announcement of Fast Scout's intention to make a bid to the end of the bid period.

The acting President of the Panel, Mrs. Nerolie Withnall, has appointed a sitting Panel for this matter:

Mr Brett Heading (sitting President);
Ms Meredith Hellicar (sitting deputy President); and
Mr Tro Kortian.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au