Application for Review of Anzoil Decision [26/11/2002] The Takeovers Panel

26 Novembeer 2002

APPLICATION FOR REVIEW OF ANZOIL DECISION

The Panel advises that it received an application yesterday for review of its decision to make a declaration of unacceptable circumstances and orders in relation to the affairs of Anzoil NL.

As announced on 21 November 2002, in relation to an application made by Anzoil on 29 October 2002, the Panel found that one or more of IGM, Capersia and Dormley (whose aggregate holding in Anzoil exceeds 20%) had become associates of one another for the purpose of influencing the composition of the Anzoil board. The Panel declared circumstances to be unacceptable and made various orders, including that nominees of these parties not be considered for election to the board of Anzoil at the next AGM.

Anzoil has applied for a review of the Panel's orders on the basis that the orders do not reflect the seriousness of the conduct of IGM, Capersia and Dormley.

The Panel has not yet considered the issues raised and makes no comment on the merits of the application. The other parties to the application contested similar submissions that were made at first instance.

The President of the Panel will shortly appoint a sitting Panel to consider the application.

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