Panel Declines Further Application in Relation to Colonial First State Property Funds [23/09/2002] The Takeovers Panel

23 September 2002

PANEL DECLINES FURTHER APPLICATION IN RELATION TO
COLONIAL FIRST STATE PROPERTY FUNDS

The Panel advises that it has declined a further application in relation to the four Colonial First State Property funds. The application was from the Responsible Entity for the Colonial Funds. The application sought urgent interim orders to restrain dispatch of the bidder's statement in Mirvac Funds Limited's takeover bid for the Colonial Funds.

The application followed a decision by the Australian Securities & Investments Commission to allow Mirvac to dispatch its bidder's statement earlier than 14 days after Mirvac lodged the document with ASIC and gave it to the Colonial Funds Responsible Entity.

The application raised concerns about disclosure in the Mirvac bidder's statement, revised financial information in the Mirvac bidder's statement, and an issue of how Mirvac's constitution interacts with its offer to issue stapled securities as consideration for its bid.

ASIC's decision was made under its Class Order 00/344 whereby ASIC advises that it may consent to the early dispatch of a bidder's statement where the target has not consented. Mirvac's bidder's statement was due to be dispatched on Thursday 26 September.

Mirvac has made a range of changes to the version of its bidder's statement that was lodged with ASIC and given to the Colonial Funds Responsible Entity on 11 September.

The Panel is concerned that Colonial Funds unitholders be given as much information as feasible in the period between now and the time they have to make any decisions in relation to either the Merger Proposal put forward by Commonwealth Property Office Fund and Gandel Retail Trust, or the Mirvac takeover bid.

The Panel has requested the parties to ensure that unitholders in the Colonial Funds are provided with sufficient information, in time to make proper use of it prior to the unitholders' meeting on Monday 30 September, concerning the issues still in contention between the parties.

The President of the Panel has appointed Jennifer Seabrook, Karen Wood and Teresa Handicott to consider the applications.

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