Anaconda Nickel Limited 02 – Panel Receives Second Application in Relation to Anaconda Nickel Limited [29/01/2003] The Takeovers Panel

29 January 2003

PANEL RECEIVES SECOND APPLICATION IN RELATION TO ANACONDA NICKEL LIMITED

The Panel advises that it has received an application from Metal Holdings P/L, a company associated with Mr. Andrew Forrest seeking a declaration of unacceptable circumstances, and final orders, in relation to the affairs of Anaconda Nickel Limited (Anaconda).

The application is for a declaration that the underwriting by Glencore International AG (Glencore) of the 14-for-1 pro rata renounceable rights issue (the Rights Issue) being made by Anaconda under a prospectus dated 20 January 2003 constitutes unacceptable circumstances. Glencore is the underwriter for the Rights Issue. The application asserts that Glencore is a related party to Anaconda and therefore should not be allowed to underwrite the Rights Issue, and potentially materially increase its control over Anaconda, without the approval of the unrelated shareholders of Anaconda.

The application seeks orders that Glencore not underwrite the Rights issue without the approval of the shareholders of Anaconda other than Glencore and its associates.

The Panel has not yet sought the views of other persons potentially involved in the application and has therefore formed no views on the application.

The President of the Panel has appointed the Anaconda 01 Panel, Brett Heading, Tro Kortian and Peter Scott, to consider the Anaconda 02 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