Panel Publishes Reasons for Two Decisions in Relation to Colonial First State Property Trust Group [13/12/2002] The Takeovers Panel

13 December 2002

PANEL PUBLISHES REASONS FOR TWO DECISIONS IN RELATION TO
COLONIAL FIRST STATE PROPERTY TRUST GROUP

The Takeovers Panel advises that it has published the reasons for its decisions in relation to the second and third applications in relation to the Colonial First State Property Trust Group (Colonial).

Colonial 02

The application was made on 23 September 2002 and it sought urgent interim orders to restrain dispatch of the bidder's statement in Mirvac Funds Limited's takeover bid for the Colonial Funds.

The Panel considered the issues and on 23 September 2002 the Panel declined the application.

Colonial 03

The application was made on 24 September 2002 and it followed some dispute between the parties as to whether the constitution of the Mirvac Fund allowed the issue of the Mirvac stapled securities in the manner, and at the value, described in the Mirvac bidder's statement, and Mirvac's ability to issue the options offered under its bid.

The Panel considered the issues and on 11 October 2002 the Panel declined the application, after referring several questions of law to the Federal Court and receiving the court's answer.

The Panel's reasons are available on its website at:

http://www.takeovers.gov.au/Content/Decisions/2002/colonial_02_121202.asp
and
http://www.takeovers.gov.au/Content/Decisions/2002/colonial_03_121202.asp

Both Panels were constituted by Jennifer Seabrook (sitting President), Karen Wood (sitting Deputy President) and Teresa Handicott.

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