Anaconda Nickel Limited 15 – Panel Receives Further Application in Relation to Anaconda Nickel Limited [21/02/2003] The Takeovers Panel

Friday 21 February 2003

PANEL RECEIVES FURTHER APPLICATION (ANACONDA 15)
IN RELATION TO ANACONDA NICKEL LIMITED

The Panel advises that on 20 February it received a further application from MatlinPatterson Global Opportunities Partners LP (MP Global) in relation to the affairs of Anaconda Nickel Limited (ANL).

The application seeks an interim order from the Panel either that:

  1. ANL not allot and issue ANL shares under ANL's rights issue (New Shares) prior to 25 February 2003; or
  2. if ANL issues New Shares before 25 February 2003, MP Global nevertheless be permitted to exercise all of its rights in ANL provided that MPL disposes (to a party not an associate of MPL) of any New Shares which result in MPL's voting power in ANL being in excess of the voting power MPL would have had, if all New Shares are disregarded, at the end of 25 February 2003.

The Panel has received submissions from the affected parties in relation to the interim order in paragraph (a) and has decided not to grant that interim order. Consequently, ANL is free to proceed to allot the New Shares prior to 25 February 2003.

The Panel has decided not to commence proceedings in relation to the interim order described in paragraph (b). The Panel considers that these matters are more appropriately considered by ASIC under an application for relief lodged by MP Global with ASIC on 19 February 2003.

In addition to the interim orders, MP Global seeks a declaration of unacceptable circumstances and remedial orders in relation to trading in ANL shares and rights and the events surrounding the completion of ANL's rights issue and the underwriting of the issue.

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

The President of the Panel has appointed the same members who constituted the Anaconda 12 Panel (Brett Heading, Tro Kortian and Peter Scott) to consider the 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