Second Application in Relation to Colonial First State Property Fund [04/09/2002] The Takeovers Panel

4 September 2002

SECOND APPLICATION IN RELATION TO COLONIAL FIRST STATE PROPERTY FUND

The Panel advises that it has received a second application from Mirvac Funds Limited. The application seeks a review of the Australian Securities & Investments Commission's decision to modify item 7(a)(ii) of section 611 of the Corporations Act in relation to the proposal by Commonwealth Property Office Fund and Gandel Retail Trust, and their respective responsible entities, for a merger with the four Colonial First State Property funds.

The concerns raised by Mirvac in this second application overlap with the issues raised in Mirvac's first application (see the Panel's media release dated 30 August). As such the same sitting Panel will deal with both of Mirvac's applications concurrently.

The sitting Panel has been concerned that the Colonial unit holders meeting has been postponed once already, and that the current proceedings may influence arrangements for that meeting, which is due to be held on 10 September. Accordingly, the sitting Panel has advised parties to the applications that it will endeavour to make a decision on the applications by Friday afternoon, 6 September 2002. The Panel thanks the parties for agreeing to provide their submissions within such a tight time frame.

The President of the Panel has appointed Professor Ian Ramsay, Karen Wood and Jennifer Seabrook to consider the applications.

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