Anaconda Nickel Limited 06 – Review Panel Affirms Interim Order in Relation to Anaconda Nickel Limited [07/02/2003] The Takeovers Panel

07 February 2003

REVIEW PANEL AFFIRMS INTERIM ORDER IN RELATION TO ANACONDA NICKEL LIMITED

The Panel advises that the Review Panel in the Anaconda 06 matter has today affirmed the interim order made by the Anaconda 02 - 05 Panel (Original Interim Order) , and broadened it somewhat.

MP Global Application: Anaconda 06
The Original Interim Order required MatlinPatterson Global Opportunities Partners LP (MP Global) to advise the market by 6.00pm AEST on Monday 10 February 2003 as to the status of the independent expert condition (the Independent Expert Condition) in the takeover bid by MP Global's subsidiary for all the shares in Anaconda (Share Offer) (which by reference affects the MP Global offer for the Anaconda Rights Rights Offer).

MP Global's review application had sought an extension of the time to give that advice until 6.00pm AEST on Thursday 13 February 2003.

The Review Panel decided that in addition to advising the market on the status of the Independent Expert Condition, MP Global should at the same time, advise the market similarly of the status of the ASIC Relief Condition which is set out at section 7.6(b)(i) of MPG's Share Offer bidder's statement.

The Review Panel considered that the additional advice is now needed in light of MP Global's announcement that it is proceeding with the Rights Offer and Share Offer. The announcement was made after the Anaconda 02 - 05 Panel made its decision to revoke the ASIC relief and make the Original Interim Order,.

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

ANL Application: Anaconda 07
The Panel confirms its earlier advice that the Sitting Review Panel decided not to commence proceedings in relation to Anaconda 07, the ANL application for review of the original interim order.

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