Application in Relation to Ranger Minerals [21/06/2002] The Takeovers Panel

Friday, 21 June 2002

APPLICATION IN RELATION TO RANGER MINERALS

The Panel advises that it has received an application from Ranger Minerals Limited for a declaration of unacceptable circumstances in relation to a letter and supplementary bidder's statement dispatched by Revesco Group Limited to Ranger shareholders on 17 June 2002.

Since April 2002, Ranger has been the subject of a takeover bid by Revesco. Subsequent to the announcement of the Revesco offer, Ranger entered into an agreement to merge with Perilya Limited by way of scheme of arrangement.

The application alleges that some of the statements made in the letter and supplementary bidder's statement sent to Ranger shareholders are misleading or deficient.

Revesco has indicated that it intends to defend any proceedings that may be conducted by the Panel.

The acting President of the Panel, Nerolie Withnall, has appointed the sitting Panel that will decide whether to commence proceedings in relation to the application. The sitting Panel is Peter Cameron (sitting President), Maria Manning and Les Taylor.

The sitting Panel makes no comment at this time as to the merits of the application.

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