Panel Publishes Reasons in Relation to Winepros [13/12/2002] The Takeovers Panel

13 December 2002

PANEL PUBLISHES REASONS IN RELATION TO WINEPROS

The Takeovers Panel advises that it has published the reasons for its decision in relation to the application from Starmore Investments Pty. Ltd.

The application was made on 18 October 2002 and it sought a declaration of unacceptable circumstances and interim and final orders in relation to the acquisitions of approximately 16 million shares in Winepros Ltd. in the period 4 to 14 October 2002.

The shares were sold by previous significant shareholders in Winepros. The shares constituted approximately 32% of Winepros' issued shares.

The Panel considered the issues and on 29 October 2002 the Panel decided to decline to make any declaration in relation to the application. The Panel considered that there was insufficient material before it to determine that unacceptable circumstances had occurred or to make any orders. Further, on the basis of the material before it, it doubts that there was any further investigation which was practically available to it that would materially alter that position.

The Panel was constituted by Teresa Handicott (sitting President), Nerolie Withnall (sitting Deputy President) and Scott Reid.
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