Panel Publishes Reasons For Decision In Normandy 06 [20/06/2002] The Takeovers Panel

Thursday, 20 June 2002

PANEL PUBLISHES REASONS FOR DECISION IN NORMANDY 06

The Panel advises that it has published its reasons for decision in relation to the Normandy 06 matter.

The application was made by AngloGold Ltd for review of the Normandy 04 Panel's decision. In its application AngloGold was seeking a declaration that the Plan of Arrangement between Newmont Mining and Franco-Nevada would have given Franco-Nevada and its shareholders benefits, which were not offered to all other Normandy shareholders.

The review Panel considered the application and found that the financial analysis provided to support AngloGold's view was not sufficient to set aside the original decision reached in Normandy 04.

As a result the Panel declined to make a declaration of unacceptable circumstances.

The review Panel was constituted by Dr Annabelle Bennett SC (Sitting President), Mr Trevor Rowe and Mr Michael Tilley.

The Panel's reasons are available on its website at:
www.takeovers.gov.au/Content/Decisions

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