Anaconda Nickel Limited 16 & 17 – Application in Relation to Anaconda Nickel Limited [21/02/2003] The Takeovers Panel

Friday 24 February 2003

APPLICATION 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 (Anaconda).

The applications are as follows:

Anaconda 16: an application received on Friday 21 February from Glencore International AG (Glencore) seeking interim orders, a declaration of unacceptable circumstances, and final orders in relation to the affairs of Anaconda. The application relates to:

  • the allotment of shares in Anaconda under applications made by MatlinPattersonGlobal Opportunities Partner LP (MP Global) pursuant to the exercise of Anaconda rights which resulted in MP Global holding shares in excess of the proportion that it held at midnight on 13 February 2003, at the close of the Rights Offer (Excess Shares); and
  • the agreement between MP Global and Australian Investments United Pty Ltd (AIU) under which MP Global seeks to transfer the Excess Shares, being approximately 6% of Anaconda, to AIU.

Glencore sought an interim order restraining the allotment of Excess Shares to MP Global. The Panel declined to make this interim order on the ground that the allotment had already occurred by the time the Panel received Glencore's application.

Glencore alleges that the transfer of Excess Shares to AIU may have resulted in breaches of section 606 of the Corporations Act. In particular, Glencore alleges that MP Global and AIU may be associates.

Glencore seeks final orders requiring that the Excess Shares be transferred to ASIC or the Royal Bank of Canada to dispose of them to independent third parties.

Anaconda 17: an application received on Friday 21 February from Anaconda seeking interim orders, a declaration of unacceptable circumstances, and final orders, in relation to the affairs of Anaconda. The application is in relation to substantially the same matters as the Anaconda 16 application. The orders sought by Anaconda are also substantially the same as those sought by Glencore in the Anaconda 16 application.

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

The President of the Panel has appointed the same members who constitute the Anaconda 15 Panel (Brett Heading, Tro Kortian and Peter Scott) to consider the applications.

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