Anaconda Nickel Limited 06 & 07 – Panel Receives Two Appeal Applications in Relation to Anaconda Nickel Limited [07/02/2003] The Takeovers Panel

07 February 2003

PANEL RECEIVES TWO APPEAL APPLICATIONS IN RELATION TO ANACONDA NICKEL LIMITED

The Panel advises that it has received two further applications in relation to the affairs of Anaconda Nickel Limited (ANL). One of the applications is from by MatlinPatterson Global Opportunities Partners LP (MP Global), whilst the other is from ANL itself. These two further applications are appeal applications, which are in addition to the five previously announced applications in relation to ANL.

The President of the Panel has appointed himself, Mr David Gonski and Professor Ian Ramsay as the Sitting Review Panel.

MP Global Application:
Under its application, MP Global:

(a) applies for a review of the decision of the Sitting Panel in the Anaconda 02 to 05 applications to make an interim order (the Interim Order) requiring MP Global to advise the market by 6.00pm AEST on 10 February 2003 as to the status of the independent expert condition (the Expert Condition) in the bid by Mongoose Pty Limited (MPG). MPG seeks an extension of the time to make the announcement until 6.00pm AEST on 13 February 2003;

(b) applies for a further interim order extending the time that it has to advise on the status of the Expert Condition until Panel has determined this review application; and

(c) requests the Panel to announce that any person wishing to object to MP Global proceeding with its offer for rights in ANL without ASIC relief should apply to the Panel before 12 noon AEST on Friday 7 February 2003.

The Panel has not yet considered the issues raised in the MP Global application and makes no comment on the merits of the application. It has not received submissions from the parties affected by the application at this stage.

ANL Application:
Under its application, ANL sought:

(d) a review of the Interim Order, changing the time and date at which MP Global was required to advise the market from 6.00pm AEST Monday, 10 February
to
9.00am AEST Friday, 7 February 2003; and

(e) a further interim order extending the Interim Order to require MPG to advise as to the status of the condition in MP Global's bid relating to ASIC relief, which is set out in section 7.6(b)(i) of MPG's bidder's statement.

ANL's application was received after 7.30pm (Melbourne time) on 6 February 2003 and sought orders to take effect from 9.00am on 7 February 2003.

The Sitting Review Panel met and decided that it could not make an informed and considered decision given the time available and the small amount of information on the matter which they could feasibly consider in that time. The Sitting Review Panel therefore decided not to commence proceedings in relation to the ANL 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