Anaconda Nickel Limited 12 – Panel Affirms ASIC Decision in Anaconda 12 [13/02/2003] The Takeovers Panel

13 February 2003

PANEL AFFIRMS ASIC DECISION IN ANACONDA 12

The Panel advises that it has affirmed a decision by ASIC not to grant an exemption to MatlinPatterson Global Opportunities Partners LP (MP Global) in relation to its offer (the Rights Offer) to acquire rights (Rights) in Anaconda Nickel Ltd. MP Global had applied to ASIC for relief to allow it to exercise all of the Rights it acquires under its Rights Offer. Currently MP Global is limited in the number of Rights it may exercise by the percentage of shares it becomes entitled to under its offer for Anaconda shares at the time it exercises the Rights it acquires under its Rights Offer.

MP Global applied to ASIC yesterday, and applied to the Panel today for a review of ASIC's decision after ASIC today declined MP Global's application. The Panel has affirmed that decision.

The Panel agrees with ASIC's reasons for declining MP Global's application.

The Panel considered that the shareholders of Anaconda would not have sufficient time to consider the potentially significant effect on MP Global's Rights Offer and the future control of Anaconda that the relief may cause. In addition, the short timeframe may mean that only some Anaconda shareholders would become aware of the information before the close of the MP Global Rights Offer which is scheduled for 12.00 midnight tonight.

The Panel considered that these two reasons were enough to weigh against granting the relief.

The President of the Panel appointed Brett Heading, Tro Kortian and Peter Scott to sit on the application.

The Panel will post the reasons for this decision on its website when they have been drafted and settled.

Nigel Morris,
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street,
Melbourne VIC 3000
Ph: +61 3 9655 3501