Panel Publishes Reasons in Isis Communications Application [20/09/2002] The Takeovers Panel

20 September 2002

PANEL PUBLISHES REASONS IN ISIS COMMUNICATIONS APPLICATION

The Panel advises that it has today published its reasons for its decision in response to an application in relation to Isis Communications Ltd. on 27 June 2002. The Panel published its decision on 9 July 2002.

The application related to an agreement on 14 June 2002, by Radly Corporation Pty. Ltd. (Receivers and Managers Appointed), acting through its receivers, to sell 19.9% of the shares in Isis, in equal shares to Investec Australia Ltd and MGB Equity Growth Pty. Ltd. Radly held 43% of the shares in Isis at the time.

The Panel considered that despite its concerns over a possible technical breach of section 606 of the Corporations Act, there did not appear to be a basis for a declaration of unacceptable circumstances.

As a consequence the Panel declined to make a declaration.

The sitting Panel for the application is Alison Lansley (sitting President), Jeremy Schultz (sitting Deputy President) and Marian Micalizzi.

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