Panel Publishes Reasons for Decision in Ranger Minerals Limited [26/09/2002] The Takeovers Panel

26 September 2002

PANEL PUBLISHES REASONS FOR DECISION IN RANGER MINERALS LIMITED

The Takeovers Panel advises that it has published the reasons for its decision in relation to the Ranger Minerals Limited (Ranger) proceedings.

The application for a declaration of unacceptable circumstances and orders was made by Ranger on 20 June 2002. It was in relation to statements made by Revesco Group Limited (Revesco) in a letter from the Chairman of Revesco (Letter) which accompanied a supplementary bidder's statement dispatched by Revesco to Ranger shareholders on 17 June 2002.

The Panel considered the issues and on 15 July 2002 the Panel made a declaration of unacceptable circumstances. In addition, the Panel made the following orders:

(a) that Revesco retract and correct certain misleading statements made by it in the Letter;

(b) that all acceptances by Ranger shareholders of Revesco's offer made after the statements in the Letter be cancelled, with those Ranger shareholders being given an opportunity to accept once they had been given corrected information; and

(c) that the period of Revesco's bid be extended by a minimum of an additional two week period.

The Panel was constituted by Peter Cameron (sitting President), Maria Manning (sitting Deputy President) and Les Taylor.

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

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